Innovation

Three rising Pittsburgh tech companies reeled in funding this month, Cohera Medical Inc., Clear Count Medical Solutions and Plextronics.

Medical adhesive company Cohera secured $16.1 million for the continued development of its “tissue glue,” a surgical adhesive that adheres flaps of tissue during plastic surgery.

The financing was lead by a new Pittsburgh angel investor that supports regional businesses, Bradford Capital Partners, as well as other angels in Pittsburgh and San Francisco, says Patrick Daly, CEO.

Cohera has raised $23 million to date in two years, all from angel investors.

“We managed our resources very conservatively and stayed true to our business plan,” Daly says. “In Jan. 2006 there was one employee and that was me. Today we are up to 13 employees and by this time next year we should be at 18 -- and 35 by the time we’re ready to launch.”

Cohera moved into to the Pannier Building on Sandusky Way in January and is expanding to the third floor. Positions include upper management, lab technicians, and quality control. The company also won the Rising Star Tech 50 award this month from the Pittsburgh Technology Council (For the Pop City story, click here.)

ClearCount Medical Solutions closed on a $4.1 million round this month. The infusion will help to accelerate sales of its RFID technology, the only FDA approved solution that relocates and counts surgical sponges in patients during surgery.

The round was led by Draper Triangle Ventures and private angel investors, said David Palmer, president and CEO. Clearcount will add four people in marketing, sales and engineering to its staff of 12 by the end of the year.

Pittsburgh-based Plextronics, makers of organic solar cell technology, received $1.2 million from a U.S. appropriations bill, H.R. 2638, to develop printed electronics for the U.S. military. U.S. Congressman Jason Altmire presented Plextronics with the funds this week.

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Writer: Deb Smit
Source: Patrick Daly, Cohera Medical Inc.; David Palmer, ClearCount Medical Solutions, Lori Lecker, Plextronics

Image courtesy ClearCount Medical Solutions