Excelestar Ventures led the early-stage funding round of the medical technology firm, which has developed the PramStat patch to bioabsorb within seven days after implantation
Sealonix closes $20m Series A round. (Credit: Mohamed Hassan from Pixabay)
Massachusetts-based Sealonix has raised $20m in a Series A financing round for the development and commercialisation of haemostatic sealants using the company’s proprietary biomaterials.
The early-stage funding round of the medical technology firm operating from Bedford was led by Excelestar Ventures. It saw additional participation from AMED Ventures, Iyengar Capital, Sparta Group, TiE Boston, and J2 Ventures.
By using its expertise in biomaterials, Sealonix aims to develop next-generation haemostatic sealants intended for surgical use.
The initial product that the medtech start-up is developing is a sealant patch to provide quick haemostasis for orthopedic and abdominopelvic procedures.
According to Sealonix, its PramStat patch has been designed to bioabsorb within seven days after implantation.
University of Virginia Health System surgery professor William Spotnitz said: “Obtaining haemostasis with existing approved devices during surgical procedures can be a challenging and time-consuming task. The PramStat patch has the potential to drastically reduce this time as well as instill confidence in the durability of the hemostatic seal.”
The proceeds from the Series A funding round will be used by the medtech company to expand its development team and undertake clinical trials.
Sealonix CEO Amar Sawhney said: “The PramStat patch builds on many years of research done by this experienced team, and now will move rapidly into clinical development.
“This capital will allow us to complete clinical development and pursue FDA approval. We look forward to bringing the most advanced device and method to control surgical bleeding to surgeons.”
Amar Sawhney is also the founder of Confluent Surgical, Augmenix, Ocular Therapeutix, Rejoni, Instylla, and others. The entrepreneur founded Sealonix in January 2023.