BERKELEY, Calif.--(BUSINESS WIRE)--ExThera Medical Corporation announced today that it has completed a $3.75 million first closing of its $7 million convertible note offering. This funding will support the completion of the first clinical trial, and commercialization of the company’s Seraph® Microbind® Affinity Blood Filter (Seraph).
Seraph® can remove an extremely broad range of viruses, bacteria, fungi and toxins from whole blood. No other therapy —drug or medical device— is designed to be as effective as Seraph in removing so many different pathogens and toxins from the blood of viremic and bacteremic patients.
“Based on our preclinical testing, we are confident of Seraph’s ability to safely remove a broad range of pathogens including drug-resistant viruses and bacteria,” said Robert S. (“Bob”) Ward, PhD, President and CEO of ExThera Medical. “This financing is an important event for ExThera because it empowers us to move rapidly toward initial regulatory approval and the commercialization of our breakthrough hemoperfusion device.”
“We are pleased by the initial enthusiasm for our convertible note offering, which attracted investors, in part because of Seraph’s ability to deal with the alarming increase in biothreats from dangerous pathogens. We are gaining interest from additional investors on a daily basis, so we expect to close this round soon,” added George G. Pitarra, Jr., Executive Vice President and CFO of ExThera Medical.
About ExThera Medical
Privately held ExThera Medical, based in Berkeley, Calif., is targeting the clinical treatment of blood-borne diseases including viremia and bacteremia, as well as the removal of harmful substances present in banked human blood. For example, the treatment of bacteremia, caused by S. aureus or MRSA (Methicillin-Resistant S. aureus) usually relies heavily on antibiotics. ExThera Medical’s Seraph® device uses the affinity of bacteria to immobilized heparin within the device, to bind the pathogen and lower its concentration in the bloodstream. Naturally-occurring heparin is a well-known anticoagulant that has many other useful biological properties making Seraph® a ‘biomimetic therapeutic device’. It can be an adjunct to anti-infective drugs by reducing the load and duration of infection, potentially preventing complications and the systemic inflammatory response that leads to organ failure. When no effective drugs are available Seraph may help patients recover by supplementing their own immune systems.
CAUTION: ExThera Medical’s Seraph® device is not cleared by the FDA for distribution in the United States.