Imbed Biosciences Inc., a Madison, Wis.-based medical device company emerging as a leader in the development of advanced therapies for soft tissue repair, closed $2m Series A equity financing.
In conjunction with the financing, Elizabeth B. Taylor, an investment management professional and experienced COO of investment hedge funds, has joined Imbed’s Board of Directors.
The company intends to use the funds to commercialize its FDA-cleared MicroLyte® Ag Antimicrobial Matrix indicated for the management of chronic ulcers, burns, and surgical wounds.
Co-founded by Ankit Agarwal, PhD, CEO, and 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, 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).