Local biotech Nerites raises $5M in funding

....Local biotech Nerites raises $5M in funding

Madison-based Nerites Corp., which is developing tissue repair products and coatings for medical devices, today announced it has another $5.7 million in venture capital.

Nerites previously has raised $3 million in funding from private investors. The firm recently received a $100,000 federal grant for a study to determine whether its coatings can prevent biofilm growth, the source of most infections on urinary stents and catheters. It also is working on biodegradable, water-resistant tissue adhesives with applications that include closing surgical wounds.

Madison-based Venture Investors LLC, with participation by Black Mountain Ventures of Foster City, Calif., led the new investing round.

Nerites said it will use the funds to refine product development plans, begin product development and expand its business development plan for bringing the first tissue adhesive products on to the market.

"We believe Nerites' technology has the potential to address major unmet medical needs in a broad array of applications in significant growing markets," George Arida, Venture Investors managing director, said in a statement. "We believe this is breakthrough technology that has the potential to provide performance superior to the best tissue adhesives, sealants and coatings in use now or out on the horizon."

Source

venture capital from private sources

Information on venture capital that originates from private sources.