Neomend

The company's flagship product was the Progel® Pleural Air Leak Sealant, a hydrogel polymer sealant created from human serum albumin and polyethylene glycol (PEG). This sealant was designed to address air leaks that occur following lung resection surgery, a common complication. When its two components are mixed, they form a strong, flexible seal over the affected tissue. Progel was the only product approved by the U.S. Food and Drug Administration (FDA) for this specific application, and it also held a CE mark in Europe for lung sealing and as an anti-adhesion barrier. Clinical studies demonstrated that Progel could effectively seal intraoperative air leaks, leading to reduced hospital stays and fewer post-operative complications. The company also developed an extended applicator spray tip to allow surgeons more precise application in hard-to-reach areas during thoracic surgery.

Neomend's business model focused on providing solutions for the surgical sealants and adhesion barrier market, a sector valued at over $1 billion. The company successfully raised significant capital to fund its operations, including a Series D round of $33.1 million in February 2010. Its investors included prominent firms such as Sanderling Ventures, Prospect Venture Partners, Blackstone, Vivo Capital, and Novo Holdings. In October 2012, Neomend was acquired by C. R. Bard, Inc. (now part of Becton, Dickinson and Company) for a purchase price of $140 million, with potential for an additional $25 million in milestone payments. This acquisition allowed Bard to integrate Neomend's leading technology platform into its Davol subsidiary, expanding its offerings in the surgical specialties market.