US-based medical technology developer GeNO raised $8m yesterday in a round funded by pharmaceutical corporation The Medicines Company (MDCO). According to the initial announcement, on 5th December, MDCO will gain an exclusive licensing option for GeNO’s nitric oxide (NO) delivery products in certain regions as well as a minority equity stake in the firm.
GeNO previously raised about $3m in two separate funding rounds, in 2006 and 2009 respectively.
GeNO’s nitric oxide therapy is primarily being developed to treat symptoms associated with pulmonary hypertension, and is seen as less expensive or invasive than other options. The funding will be used to advance its treatments which at present are yet to gain regulatory approval.
Glenn Sblendorio, executive vice president at The Medicines Company, said: "Supporting GeNO fits well with MDCO’s strategic focus on acute and intensive care hospital medicine. Nitric oxide therapy has proven value for patients and providers. This equity investment affords MDCO the potential to provide unique NO therapy solutions to healthcare providers in the near future."