The early-stage funding round for medical technology firm Sealonix was spearheaded by Excelestar Ventures. The company has successfully engineered the PramStat patch, a groundbreaking solution that bioabsorbs within a week following implantation.
Massachusetts-based medical technology company Sealonix has successfully raised $20 million in a Series A financing round to advance the development and commercialization of their innovative haemostatic sealants. These sealants utilize Sealonix’s proprietary biomaterials, paving the way for improved surgical procedures.
Excelestar Ventures took the lead in the early-stage funding round for this Bedford-based medtech firm. Notable participation also came from AMED Ventures, Iyengar Capital, Sparta Group, TiE Boston, and J2 Ventures, signifying the industry’s recognition of Sealonix’s potential.
Leveraging their expertise in biomaterials, the startup is dedicated to creating next-generation haemostatic sealants specifically designed for surgical applications. Their initial product focuses on a sealant patch that facilitates rapid haemostasis during orthopedic and abdominopelvic procedures.
The PramStat patch, developed by Sealonix, is engineered to bioabsorb within seven days after implantation. This innovative feature offers the potential to significantly reduce the time required for achieving haemostasis during surgical interventions. According to Professor William Spotnitz, a surgery expert from the University of Virginia Health System, the PramStat patch instills confidence in the durability of the hemostatic seal, addressing a crucial need in surgical procedures.
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Sealonix, the medtech company based in Massachusetts, plans to utilize the funds raised in the Series A financing round to bolster its development team and conduct vital clinical trials.
Expressing his enthusiasm for the progress, Sealonix CEO Amar Sawhney stated, “The PramStat patch is the culmination of extensive research carried out by our experienced team, and we are now poised to swiftly advance into clinical development. With this capital infusion, we will be able to complete the clinical phase and pursue FDA approval. We are excited about providing surgeons with the most advanced device and methodology for surgical bleeding control.”
Amar Sawhney, a prominent figure in the field, has a track record of founding successful ventures such as Confluent Surgical, Augmenix, Ocular Therapeutix, Rejoni, Instylla, among others. In January 2023, he established Sealonix, further adding to his impressive entrepreneurial portfolio.
