Bio2 Medical raises $1.5m, looking for $6.5m more

Bio2 Medical raised $1.5 million in a new round of debt and option financing, according to an SEC filing posted this week.

Money in the round came from 1 unnamed investor, with the date of the sale noted as March 18, according to the filing. The company has not yet stated how it plans to spend funds raised during the offering.

Bio2 is looking to raise an additional $6.5 million before closing the round. A portion of the proceeds from the round will be used to pay the salaries of certain company officers, according to the filing.

Last August, Bio2 Medical pulled in $3 million from a 2nd tranche of financing from Oxford Finance after winning FDA 510(k) clearance for its Angel catheter.

The Angel catheter is designed to provide access to the central venous system and to trap blood clots before they can reach the lungs, according to the Golden, Colo.-based company. The FDA cleared the device July 28, 2016, Bio2 said last August.

Bio2 said it plans to use the funds to commercialize the Angel device in the U.S. by hiring sales reps, building up inventory and working on market development. The tranche is part of an $8 million secured term loan announced early this year which followed close on the heels of a $9 million Series D round last January.

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