Venture Capital News: Qool Therapeutics Inks $8M
MENLO PARK, CA, Qool Therapeutics has raised an $8 million Series A-1 round for clinical product development and to prepare for first-in-human studies.
Qool Therapeutics, a company developing a novel non-invasive targeted temperature management system, has raised an $8 million Series A-1 round for clinical product development and to prepare for first-in-human studies.
The funding was provided by Zhongji Holdings LTD/Join Medical Technology, TAMCAP LLC, BrilliMedical International Corp., BioPacific Investors, Western Technology Investment, and FundRx. The company has raised a total of $12.3 million from investors. The company has also received an award from Defense Innovation Unit Experimental (DIUx), a Department of Defense organization that accelerates commercial technology for the men and women in uniform.
Qool is developing a device for targeted temperature management and exercise recovery, which has potential use across multiple conditions including cardiac arrest, acute myocardial infarction, stroke, traumatic brain injury, cardiogenic shock, status epilepticus, encephalitis, meningitis, burns, heat stroke, hyperthermia and sepsis, and as a protective adjunct for vascular surgery. The applications of this technology include systemic cooling of a patient's central organs (i.e. lungs, heart, and brain) and enhanced delivery of drugs or biologics to the airways.
"By adding these premier new investors to the company, we can quickly accelerate our product development efforts," said Beverly Huss, President and Chief Executive Officer of Qool. "Our technology is designed to be non-invasive, rapid, and compatible with the flow of patient care, so as not to interrupt the primary treatment."
The Qool System is comprised of a control unit and a delivery tube designed to deliver frozen saline particles to the lungs. As the patient breathes in the tiny, micron-sized frozen saline particles, the system utilizes the large surface area of the lungs and direct blood flow to the heart and brain to efficiently cool the body - comparable to the way a radiator cools the engine of a car.
The current global market for targeted temperature management therapies, including therapies that both warm and cool the body, is over $2 billion and expected to grow to $3.4 billion by 2025. Other approaches to body-temperature management have been slow, inefficient, or have involved invasive procedures that cause complications for patients.
The company will use its new funding to complete product development and lay the groundwork for first-in-human clinical trials of its system.
Qool has a broad patent portfolio with 21 allowed or issued and 15 pending U.S. and international patents, and was the recipient of the 2014 Transcatheter Cardiovascular Therapies (TCT) Innovation Competition for most innovative product.
The company was founded by serial entrepreneur Amir Belson, M.D., a pediatric nephrologist and founder of Neoguide Systems, Vascular Pathways, Zipline Medical, Vasostitch, Emboline, Modular Surgical, and Radiaction.
About Qool Therapeutics:
Qool Therapeutics, Inc., based in Silicon Valley, is dedicated to creating non-invasive, efficient temperature management therapies to preserve cells, slow inflammation, and improve both quality and length of life. The company's proprietary patented technology is designed to provide a safe, simpler, and faster option for patients compared to other current competitive devices.
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