Imbed Biosciences, a Wisconsin-based medical device company, development of advanced therapies for soft tissue repair, has raised $2 million in a Series A financing round.
The proceeds from the financing round are expected to help the medical device company commercialize its FDA-approved MicroLyte Ag Antimicrobial Matrix, which is indicated for the management of burns, chronic ulcers, and surgical wounds.
MicroLyte Ag Matrix is an ultrathin wound matrix prepared with bioresorbable polymers and patented antimicrobial silver nanotechnology.
Ankit Agarwal – cofounder and CEO of Imbed Biosciences said: “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.”
Formidable Asset Management, a Cincinnati-based registered investment advisor, organized the investment round for Imbed Biosciences.
William Brown – owner and CEO of Formidable Asset Management said: “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”.