Israel-based surgical glue developer LifeBond closed its series D round at $27m yesterday after raising additional capital from pharmaceutical company investors including pharmaceutical company Sino Biopharmaceutical.
The round also included healthcare company Johnson & Johnson, Giza Venture Capital, Aurum Ventures, Pitango Venture Capital, GlenRock Israel and Zitelman Group and Adams Street Partners.
Johnson & Johnson had already joined undisclosed investors in November 2014 to provide LifeBond with $12.5m of a planned $25m series D.
LifeBond’s flagship product, LifeSeal Surgical Sealant, is a gelatin-based glue used to repair tissue following colorectal surgery or a hernia that disappears as the tissue regrows.
The series D funding will be used to support commercialisation of LifeSeal in Europe, and to launch an international study for the product to gain pre-market approval from the Food and Drug Administration in the US.
The money will also support clinical development of a second product, a self-fixating hernia mesh called LifeMesh.
Johnson & Johnson also contributed to a $20m series C round in 2011 that included Giza, Aurum, Pitango, GlenRock and Zitelman. LifeBond had secured $30m in earlier rounds, according to USA Today.