Pegasus Biologics Inc., an Irvine medical device company, said Thursday that it raised $20 million in a third round of venture funding, bringing its total to just under $32 million.
Onset Ventures of Menlo Park, a new investor, led the round. Existing investors Three Arch Partners of Portola Valley and Frazier Healthcare Ventures of Seattle also participated. Another new investor, Minneapolis-based Affinity Capital Management, rounded out the list.
The company plans to use the money to further expand its markets, increase usage of its products and bolster its line of new products, Pegasus said in a statement.
Pegasus’ products include the OrthAdapt Bioimplant, which helps repair soft tissue in orthopedic and sports medicine surgeries.
Pegasus, which was established in 2003, is developing collagen-based bioimplants to repair soft tissue defects, stemming from orthopedic, spine and brain or nervous system conditions.
The product strengthens and supports tissue ingrowth for long-term performance. It’s used for the reinforcement, repair and reconstruction of soft tissue.
The company also said that Leslie Bottorff, an Onset general partner, and Gary Restani, president of Hansen Medical Inc., a Mountain View-based device maker, joined its board.
