DURHAM, NC – HyperBranch Medical Technology Inc. has raised $1.7 million in equity funding to help take a new surgical sealant device through the regulatory approval process.
The six participating investors are a combination of both new, private contributors and longstanding investors, CEO John Conn says. The money will fund a pivotal study for its new sealant device that Conn says should be complete by the end of the year.
“The newer product is a semi-automatic way of delivering surgical sealant,” Conn says, comparing the battery-operated device to a spray bottle with a pump. The traditional way of delivering sealants is through a manual method, he says.
If the product is eventually approved, HyperBranch will rely on its own distribution network and hire a direct sales force to market the product in the United States. Additionally, Conn hopes to be able to hire additional employees on the manufacturing side.
The company still hopes to raise about $100,000 in equity before closing the round.
HyperBranch, founded in 2003, produces polymer-based products that can be used to seal wounds in tissues. The company employs 11 people in the Triangle. While no HyperBranch products are being sold domestically yet, a cranial product and a spine product are available outside of the United States.