Asana Medical, Inc. Announces Closing of $1.2 Million Convertible Promissory Note Offering
MIAMI LAKES, FL – May 10, 2016 – Asana Medical, Inc. (“Asana,” the “Company”) is pleased to announce that it has closed a $1.2 million offering of convertible promissory notes. Asana, an emerging life sciences company, is focused on the development and commercialization of an innovative therapy to non-surgically treat Inflammatory Bowel Diseases (“IBD”), including Ulcerative Colitis (“UC”), Crohn’s Disease and Rectal Mucositis.
Asana’s lead product, ExtraCellular Matrix Hydrogel (“ECMH”), is a hydrogel composed of extracellular matrix derived from porcine tissue. UC, the disease to which Asana’s breakthrough technology will be first applied, is a debilitating disease that renders the colon dysfunctional. ECMH creates an environment favorable for the body to grow new tissue in place of diseased or damaged tissue. Extracellular matrix has been proven to be safe and effective in esophageal repair, hernia grafts, vaginal slings, and burn and wound dressings.
“We are very pleased to have concluded this round of private financing with strategic investors that share our dedication to developing a sustainable solution to such physically and psychologically debilitating diseases. While additional clinical and in vivo testing is necessary, we remain very encouraged by our preliminary results,” stated Christine Sapan, CEO of Asana Medical, Inc.
Asana is collaborating with Dr. Stephen Badylak, from the McGowan Institute for Regenerative Medicine (University of Pittsburgh), a world-class center for tissue engineering, to develop the Company’s ECMH product and to conduct much of the preclinical work. In May 2015, the Company executed a worldwide exclusive license with the University of Pittsburgh for patented technologies that support the Company’s hydrogel product.
ABOUT ASANA MEDICAL, INC.
Asana Medical, Inc. is a regenerative medicine company developing a tissue engineered therapy for the treatment of Ulcerative Colitis (UC). The Company’s product ECMH, a novel application of a proven technology, will be a first-in-class therapy for patients suffering from Ulcerative Colitis. This therapy will be positioned to compete in a multi-billion-dollar market dominated by biologic and drug therapies that can have significant side effects. Additionally, 20-30% of patients do not benefit from these therapies and have no alternative except colon removal surgery. Asana has an experienced management team, strong patent protection, world-class advisors in business and medicine, and compelling preclinical proof-of-concept data. For more information, visit www.asanamedical.com.
Executive Vice President
Asana Medical, Inc.
6135 NW 167 Street, Suite E15
Miami Lakes, FL 33015
Tel: (844) 432-7262 Ext 102