LifeBond, an Israel-based developer of surgical glue, is raising $25m for its series D round that will include pharmaceutical company Johnson & Johnson, according to USA Today.
LifeBond has developed gelatin-based glue that can be used for tissue repair following colorectal surgery, and for hernia repair. As human tissue regrows, the glue disappears.
The company has raised about half the $25m, with Johnson & Johnson providing an undisclosed amount. Reports in September stated LifeBond was halfway to its target but did not reveal Johnson & Johnson’s involvement. The round is expected to close next year.
Johnson & Johnson first invested in LifeBond’s $20m series C round in 2011, which also included Giza Venture Capital, Aurum Ventures, Pitango Venture Capital, GlenRock Israel and Zitelman Group.
LifeBond had raised $30m in total before the start of its series D fundraising, USA Today said.
The company will use the series D funding to increase its research and development, with a view to securing key regulatory approvals. It is currently awaiting the results of its second clinical trial in Europe.