Vivostat pushes expansion with €3m
This article was originally published in Clinica
Executive Summary
Vivostat's existing shareholders have pumped a further €3m ($3.8m) into the Danish wound healing technologies developer, enabling the firm to achieve profitability and advance its US strategy. The Medicon Valley-based company's products, an autologous fibrin sealant for use in surgery and an autologous gel with a high concentration of growth factors to treat non-healing wounds, are already marketed in most of Europe. Part of the new financing will help Vivostat further grow its European sales and boost its bottom line. The remainder of the funds will be used for preparing the company's investigational device exemption (IDE) application for its wound healing gel in the US, the first step towards breaking into the US market. Vivostat expects to submit the application to the FDA within the next three months. CEO Tom Bjerg Lauritzen told Clinica that the company will be looking for a partner or investor to finance the trials in the US and commercialise the product.