Colorado Therapeutics closes $4.3M round of angel funding
BROOMFIELD — Medical-device startup Colorado Therapeutics LLC closed recently on a $4.3 million round of angel funding as the company works toward FDA approval of its first product.
The company disclosed the amount in a filing with the U.S. Securities and Exchange Commission this week.
Eric Schauble, vice president of corporate development, said the Broomfield-based company’s hope is that it will have FDA clearance to sell its Xenograft biologic implant for use in hernia repairs by the end of the year. He said the company, which is hiring for manufacturing and production support now, would likely begin building its sales and marketing teams in the third quarter, with five to 10 new hires projected this year.
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Colorado Therapeutics’ first product is made from porcine pericardium, a membrane that surrounds the hearts of pigs. The company’s proprietary process allows the membrane to be dried and used in a ready-to-use state.
Schauble said the product is geared toward providing the durability and permanence of the synthetic mesh often used to repair hernias while also having the compatibility of a biologic material that becomes incorporated with a patient’s own tissue.
“We view it as it combines the best of both worlds,” Schauble said.
Colorado Therapeutics was spun off into a separate operating entity by Colibri Heart Valve last year to allow Colibri to monetize some of its technology in applications outside the heart. Colorado Therapeutics filed its FDA application in January.
The two companies share the same executive leadership and headquarters, though Schauble said the new company — which aims to raise a Series A round of funding late this year or early next — has about five to eight employees of its own.
“If everything goes as planned we would easily double to triple that,” Schauble said.
While the initial focus of the company is on hernia repair, Schauble said Colorado Therapeutics has many products in the pipeline. Other possible applications include tendon and ligament repair and replacement, as well as dental and vascular applications.
“We believe we can apply our proprietary processing to other types of biologic materials,” Schauble said.
