MADISON, Wis.–(BUSINESS WIRE)–lt;a href="https://twitter.com/hashtag/Financing?src=hash" target="_blank"gt;#Financinglt;/agt;–Imbed Biosciences Inc. (Imbed), a medical device company emerging as a
leader in the development of advanced therapies for soft tissue repair,
announced today that it has closed $2 million in a Series A Preferred
Stock equity financing. The funding will be used to commercialize
company’s FDA-cleared MicroLyte® Ag Antimicrobial Matrix indicated for
the management of chronic ulcers, burns, and surgical wounds.
“Thousands of patients with a variety of chronic wounds have already
been successfully treated with MicroLyte® Ag Matrix, which is now
available on the formulary of several hospital systems and is reimbursed
by Medicare Part B. With this new funding, we will be building up our
product distribution channels to expand our reach throughout United
States,” said Ankit Agarwal, PhD, Imbed’s cofounder and CEO.
This investment round was organized by Formidable Asset Management
(Formidable), a Registered Investment Advisor based in Cincinnati, OH.
“We are extremely excited to work with the team at Imbed to help them
scale the business and are committed to seeing their surgical matrix
technology transform the standard-of-care for hundreds of millions of
patients with complex wounds,” said William Brown, owner and CEO of
MicroLyte® Ag Matrix is a next-generation ultrathin wound matrix made
with bioresorbable polymers and a patented antimicrobial silver
nanotechnology. “The microscale matrix intimately conforms to a wound
bed, provides an environment conducive to cell growth, and kills
bacteria in contact with the tissue surface. It has provided a strong
foundation for tissue regeneration in many complex contaminated wounds
that did not respond to months of standard-of-care,” said cofounder Dr.
Michael Schurr, MD, Chair of General Surgery at the Mountain Area Health
Education Center and trauma surgeon at Mission Health Hospital in
Asheville, North Carolina.
In conjunction with the financing, Elizabeth B. Taylor, an investment
management professional and experienced COO of investment hedge funds,
has joined the company’s Board of Directors, which includes David
Guinther, Dr. Michael Schurr and Ankit Agarwal.
“Imbed has earned an inflection point opportunity here as we further
bring MicroLyte® Matrix to the market and by doing so advance the
science of healing complex wounds,” said David Guinther, General Partner
at WISC Partners.
About Imbed Biosciences
Imbed Biosciences is registered with FDA as a medical device
manufacturer and maintains an ISO 13485 certified quality management
system. The company has a portfolio of products in development based on
its patented MicroLyte® Matrix technology focused on combating local
pain and infections in complex wounds, such as burns, chronic ulcers,
surgical wounds, hernia repair, colorectal surgeries, dural repair,
orthopedic implants, and cesarean sections. A portion of Imbed’s
research funding comes from ongoing Small Business Innovation Research
(SBIR) grants from the National Institute of Arthritis, Musculoskeletal,
and Skin Diseases (NIAMS). More information at: www.imbedbio.com
Ankit Agarwal, PhD, CEO
608-237-1525 ext. 402