September 30, 2009
VC Firm, Originate Ventures Leads $2.75 Million Investment in Series A Funding for ThermalTheraputic Systems
Based in Pittsburgh, Pennsylvania, the developer of advanced hypothermia treatments, ThermalTherapeutics Systems, announced today that it has completed $2.75 million series A funding led by Originate Ventures. Other investors who participated in this round of funding include Pittsburgh Life Sciences Greenhouse and other undisclosed private investors.
ThermalTherapeutic Systems is a developer of innovative solutions to treat hypothermia victims. Currently the company is in the final stages of its latest product, the TTS Hyperthermic Perfusion Device. This device is designed to raise the temperature of certain areas of people who are suffering hypothermia, which is a condition when a personâ€™s body temperature falls dangerously below the normal 98.6 degrees Fahrenheit. The TTS Hyperthermic Perfusion Device is designed to raise the temperature of the thoracic and peritoneal areas of the body to warm the body back to normal body temperature.
Proceeds from this funding will go to further the advance and marketing of the new TTS Hyperthermic Perfusion Device.
According to ThermalTherapeuticâ€™s cofounder and CEO, the financial support that the company has received from Originate Ventures is very valuable and as yet another milestone that ThermalTherapeutics Systems has accomplished. Along with this milestone, another big achievement that ThermalTherapeutics has attained was submitting the application for this product to the FDA in July. Furthermore, in August, the company had closed $750,000 from several undisclosed private investors. These achievements can benefit both physicians and investors. Physicians can benefit, because of the companyâ€™s innovative systems to treat a growing number of patients, and investors can reap their returns and have the ability to participate in an industry that has the potential to explode in a multibillion dollar industry which can reach international bounds.
According to Mike Gausling, Managing Partner at Originate Ventures; the vc firm values its investment in ThermalTherapeutics, because the company does not only fit Originateâ€™s investment profile, but the TTS Hyperthermic Perfusion Device is destined to be a product that can disrupt the marketplace and provide enormous returns for the vc firm.
With offices in Bethlehem, Pennsylvania, Originate Ventures is a vc firm that primarily invests in early stage companies who are in the Pennsylvania geographic area. The vc firm invests in companies that have products or services in the healthcare, consumer, and some limited web-based and distribution industries. Some other companies in Originateâ€™s portfolio include Adhezion Biomedical, South 49 Solutions, Proton Media, Rights Flow, and others.
For more information about ThermalTherapeutics Systems, click here.