MADISON, Wis.–(BUSINESS WIRE)–April 18, 2019–
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 Formidable.
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 and www.MicroLyteAg.com.
Ankit Agarwal, PhD, CEO
Phone: 608-237-1525 ext. 402