Imbed Biosciences, a biotech company which specialises in the development of advanced therapies for burns, chronic ulcers and surgical wounds, has announced that it has closed its Series A Preferred Stock equity financing, which was expanded to US$4 million due to investor demand.
The investment round was led by a group of investors organized by Formidable Asset Management and included participation from WISC Partners, the company’s seed investor, as well as additional new investors.
The funding will be used to commercialize the company’s FDA-cleared Microlyte Matrix wound dressing indicated for the management of chronic ulcers, burns, and surgical wounds.
Microlyte Matrix is an ultrathin bandage made with bioresorbable polymers and a patented antimicrobial silver nanotechnology. Its ultrathin form factor allows it to closely conform to the underlying wound bed, kill bacteria hiding in deep wound tissue, and prevent biofilm colonisation. The matrix is ultimately absorbed into the body, eliminating painful removal.
In conjunction with this equity financing, Jeff Hanson, an experienced financial services industry strategist and entrepreneur, is said to be joining the company’s board of directors. As a senior advisor, Hanson has worked with a broad range of financial/professional service companies, boards, founders, investors and leadership teams spanning investment banking, asset management, private equity and credit, insurance, healthcare, financial technology, and venture capital.
He said: “I am very excited to work together with Imbed’s leadership team and Board of Directors as the company begins its next phase of growth as a transformative commercial-stage tissue engineering innovator.”
“We are equally excited to have Mr. Hanson join our Board at this stage of the commercial growth. He brings invaluable experience and extensive relationship networks in both the biotech and financial industries,” said Ankit Agarwal, PhD, co-founder and CEO of the company.
“The continued strong support of our investors is a compelling endorsement of Imbed’s team, technology, and clinical potential. This funding will help position Microlyte Matrix as a must-have next-generation wound dressing in hospitals and clinics, as well as accelerate development of our advanced product pipeline.”