US-based biotechnology developer Qool Therapeutics closed an $8m series A-1 round yesterday featuring real estate and property management group Zhongji Holdings.
Join Medical Technology, BrilliMedical International, BioPacific Investors, Western Technology Investment, FundRx and Tamcap contributed to the round.
The company also received an award from Defense Innovation Unit Experimental, a US Department of Defense commercial technology accelerator.
Qool is developing a device for targeted temperature management and exercise recovery. The technology could be used to cool a patient’s organs and enhance the delivery of drugs, helping to treat conditions such as stroke, cardiac arrest, hyperthermia and sepsis.
The device is made up of a control unit and a tube that delivers frozen saline particles to the lungs. The large surface area of the lungs and blood that flows to the heart and brain cools the body, similar to how a radiator cools a car engine.
The company will use the money to complete product development and progress towards first-in-human clinical trials.
Qool has raised a total of $12.3m to date, according to the latest press release, with an undisclosed amount coming from a syndicate formed by medical crowdfunding platform AngelMD in April 2016.
Beverly Huss, CEO of Qool, said: “By adding these premier new investors to the company, we can quickly accelerate our product development efforts.
“Our technology is designed to be non-invasive, rapid and compatible with the flow of patient care, so as not to interrupt the primary treatment.”