AUSTIN, Texas--(BUSINESS WIRE)--Alafair Biosciences Inc., an emerging medical device company, announced it has completed a $2.0 million Series A round of financing. ATP Fund led the investment round with participation from existing and new investors including the UT Horizon Fund. This investment brings Alafair’s total funding to $5.9 million and will help the company aggressively expand sales and marketing efforts as well as broaden and accelerate pipeline product development. ATP Fund managing partner and representative Kyle Cox has joined Alafair’s Board of Directors.
ATP Fund is a venture capital investment group focused on early stage, high growth science & technology startups that redefine or create new markets such as Toopher, which was recently acquired by Salesforce. The UT Horizon Fund, UT System’s venture capital fund helps UT innovators move technologies to the marketplace. “The UT Horizon Fund’s investment in Alafair is part of an amazing story, in which discoveries born in the lab at UT Austin have grown into a technology platform that is set to make a difference in the lives of people here in Texas and beyond,” says Julie Goonewardene, Associate Vice Chancellor for innovation and strategic investment and Managing Director for the UT Horizon Fund.
This Series A financing builds on an exceptional year for Alafair, which recently announced the FDA clearance of its first product, VersaWrap™ Tendon Protector (VersaWrap™ TP). VersaWrap™ TP is the first of the VersaWrap™ family of products to receive clearance and is indicated for the management and protection of tendon injuries in which there has been no substantial loss of tendon tissue. “The closing of our Series A funding round is a significant milestone for Alafair. This funding will support the launch of VersaWrap Tendon Protector and the development of our suite of VersaWrap products, developed to meet the needs of surgeons and their patients,” says Daniel Peterson, MD, Alafair’s Chairman and CEO.
About Alafair Biosciences Inc.
An Austin-based, privately-held, leading medical device company, Alafair Biosciences Inc. (www.alafairbiosciences.com) has developed patented surgical products for a broad spectrum of soft tissue repair and protection applications. Alafair will be launching VersaWrap™ Tendon Protector directly and through partnerships with some of the world’s major medical device companies.