Hemosphere raises more than $9 million in equity offering

Hemosphere raises more than $9 million in equity offering
March 26, 2010 by MedCity News

Hemosphere Inc.'s latest fundraising round tops $9 million from an equity offering.
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By Brandon Glenn

Hemosphere Inc, which makes a vascular access device that’s used by dialysis patients, raised more than $9.3 million in an equity sale, according to a regulatory filing.

The company’s HeRo device is designed for dialysis patients who’ve suffered damage to their veins. The device is implanted under a patient’s skin and carries less risk of infection than catheters, which are traditionally used in dialysis. Dialysis is a procedure in which a patient’s blood is removed, cleaned by a machine and then returned to the body.

Hemosphere will use the funding for “ordinary business operations” over the “next few years,” including paying salaries to executives. Twenty-three investors bought into the funding round, according to the regulatory document.

More than 1,000 patients (PDF) have received the HeRo device since it was approved for U.S. sale in 2008 by the Food & Drug Administration, according to a statement from the company last month. Hemosphere received FDA clearance for a next-generation version of the device in July 2009.

Hemosphere listed its annual revenues between $1 million and $5 million in the regulatory filing.

CEO Doris Engibous didn’t return a call.

Hemosphere was previously knows as Graftcath, but changed its name in 2008 just before it began selling the HeRo device.

http://www.massdevice.com/news/hemosphere-raises-more-9-million-equity-offering