ATI graduate Alafair Biosciences, Inc., a commercial-stage medical device company, announced that it raised over $7.2 million in an oversubscribed Series B/B-1 financing to fund its next phase of growth.
The proceeds will be used to accelerate the commercialization of VersaWrap® Tendon Protector, Alafair’s initial product, and advance additional pipeline development programs associated with its patented hydrogel technology. This technology includes an ultrathin, sutureless, bioresorbable hydrogel which separates and protects adjacent surfaces such as soft tissues, bone, or surgical implants.
“We are very pleased to have oversubscribed this offering and are excited to have the capital to accelerate Alafair’s next phase of growth,” said Greg Brophy, Chief Executive Officer of Alafair. “VersaWrap® provides a novel solution for the protection of injured tendons. By forming a permeable, gelatinous layer around the tendon, VersaWrap® facilitates improved tendon gliding during the healing cascade. This layer reduces surface-to-surface friction and, thus, can aid in the reduction of inflammation typically observed postoperatively. With a portfolio of 15 issued and 13 pending patents covering a broad range of clinical applications, we are well-positioned to build a robust product pipeline based on our hydrogel technology.”
The VersaWrap® Tendon Protector is the first product in the VersaWrap® family of products to receive FDA clearance. It is indicated for the management and protection of tendon injuries in which there has been no substantial loss of tendon tissue. Launched in December 2017, VersaWrap® has experienced rapid market adoption with over 450 units implanted to date. Alafair anticipates a second 510(k) filing this year as it seeks to expand the clinical applications for the use of its hydrogel technology.
About Alafair Biosciences, Inc. (www.alafairbiosciences.com)
Alafair Biosciences is a privately-held, commercial-stage medical device company focused on the development of novel clinical products using its patented hydrogel technology. Its products are distributed through a dispersed network of independent distributors across the United States.
For more information, contact John Joyoprayitno, President & Chief Operating Officer at email@example.com.