Several early-stage medtech firms across a range of therapeutic areas have reported financing rounds in the past week, which could be a good sign for the industry.

Amanda Pedersen

Pittsburgh-based ALung Technologies Inc. is the latest of several medtech companies to announce a new financing round. ALung closed a $36 million series C financing, including existing convertible notes.

ALung's round was led by Philips and UPMC, through its innovation and commercialization arm, UPMC Enterprises. Other new and existing investors also participated. ALung said the new funds will support a U.S. pivotal trial in pursuit of FDA approval of its Hemolung respiratory assist system, a minimally invasive artificial lung device designed to remove carbon dioxide independently of the lungs, through a process ALung has coined Respiratory Dialysis.

Earlier this week, Austin, TX-based Ortho Kinematics Inc. closed a $18.6 million series D financing that is expected to boost the company's commercialization efforts for the Vertebral Motion Analysis (VAM) technology, which it first launched in 2015.

The VMA is a functional diagnostic test for the spine that uses fluoroscopy to capture the spine in motion pre-operatively, measuring motion between the vertebrae. The test is intended to help spine clinicians more accurately assess a patient's spinal instability and alignment. In addition to boosting commercialization efforts, the company said the new funds will support further development of the technology.

Los Angeles-based Neural Analytics also raked in some cash recently. The company said it raised $10 million in a new round led by Reimagined Ventures, bringing its total financing amount to $27 million. Neural Analytics is developing technology to measure, diagnose, and track brain health. This includes the FDA-cleared Lucid M1 Transcranial Doppler Ultrasound System, which is used for measuring and displaying cerebral blood flow velocities, and for monitoring patients with brain disorders. Neural Analytics is also conducting a feasibility study with the Erlanger Health Systems in Chattanooga, TN to evaluate the Lucid System for patients suffering an acute ischemic stroke.

Last week, Melbourne, Australia-based Retinal implant innovator Bionic Vision Technologies (BVT) reeled in $18 million (AU$23.5 million) from Hong Kong-based China Huarong International Holdings Ltd and State Path Capital Limited, to develop new devices aimed at restoring vision to the blind, and to begin a human trial of its "bionic eye" implant in patients with retinitis pigmentosa, an inherited degenerative eye condition that affects more than 1.5 million people worldwide. To date, development of Australia's "bionic eye" has been funded through a five-year AU$50 million Special Research Initiative grant administrated by the Australian Research Council.

Another medtech company that raked in some dough last week is Campbell, CA-based Synchron Inc. The startup raised $10 million in a series A round to initiate a first-in-human trial next year of Sentrode, a brain-machine interface system designed for paralyzed patients. The system is intended to help patients control technologies such as robotic limbs, exoskeletons, and communication aids. Synchron said the Sentrode may ultimately help diagnose and treat a range of brain pathologies, including epilepsy and movement disorders.

Amanda Pedersen is Qmed's news editor. Contact her at [email protected].

[Image courtesy of MAKLAY62/Pixabay]