ThermalTherapeutic Systems, a developer of portable platform technology to standardize hyperthermic perfusion, has completed a USD2.75m series A financing.
After receiving initial start-up funding by the Pittsburgh Life Sciences Greenhouse, and successful rounds of private financing which included follow-on investments by the Pittsburgh Life Sciences Greenhouse and Innovation Works, Originate Ventures has taken the lead on a USD2.75m commitment intended to spearhead the commercialization of ThermalTherapeutic Systems proprietary new technology.
"Originate Ventures’ financial support of our strategic objectives marks a significant milestone in our company’s development. In July we submitted our application to the FDA, in August we closed on USD750,000 in private financing and, in September, Originate Ventures recognized that their investment would be the catalyst to launch our technology," says Raymond F. Vennare, co-founder and chief executive. "For physicians, the possibility now exists to provide better treatment options for a growing number of patients and, for investors, an opportunity to participate in a potential billion dollar growth market with international implications."
"ThermalTherapeutic Systems not only fits our investment profile," says Mike Gausling, managing partner of Originate Ventures, "but promises to be a disruptive technology in an emerging market; it addresses an unmet need in the marketplace and anticipates future applications for hyperthermic perfusion."
The intended use of the TTS100 Portable Hyperthermic Perfusion Device is to raise the temperature of the thoracic or peritoneal cavity. It is designed to provide the medical community with a small, portable, and lightweight device, which has been specifically designed to standardize the use and improve the control of hyperthermic and normalthermic perfusion.
