Cohera Medical Inc. has raised $12.7 million in investment funding, nudging past the halfway point to what it hopes will be a $25 million Series C round.
The funding comes in the form of convertible notes and was raised from existing investors, CEO Patrick Daly said. Daly expects Cohera’s 28 existing investors to contribute a total of $15 million toward the Series C round. He hopes to source the remaining $10 million from new investors in the coming months.
The company has completed European human trials of its TissuGlu product, which is used as a tissue glue in tummy-tuck surgeries, and is in the process of submitting documentation to obtain regulatory approval to sell the product in Europe. Daly hopes TissuGlu will be on the European market early next year.
Cohera plans to begin human trials in the U.S. by the end of the year, Daly said. Cohera is in discussions with the U.S. Food & Drug Administration regarding site selection, and plans to enroll about 100 patients.
The company raised a $6.8 million Series A round from private investors in 2006, and followed that with a $16.1 million Series B round in 2008. The Series B round was led by Pittsburgh’s Bradford Capital Partners and included participation from previous investors led by San Francisco-based Kern Whelan Capital LLC.
TissuGlu is designed to minimize fluid accumulation and other problems associated with abdominoplasty, or 'tummy-tuck' surgeries. Patients who undergo tummy tucks require the insertion of drains to remove fluids that accumulate under the skin, but sometimes excess fluid still accumulates, necessitating another surgery. TissuGlu is intended to strongly adhere to the skin that’s cut during surgery, reducing the amount of collected fluid and the time that drains need to be inserted, according to Cohera.