Imbed Biosciences Extends Series A Financing to $4 Million to Commercialize Innovative Bioresorbable Bandage
MADISON, WI, NOVEMBER 5, 2019
Imbed Biosciences Inc. (Imbed), a privately held biotech company emerging as a leader in the development of advanced therapies for burns, chronic ulcers and surgical wounds, announced today that it has closed its Series A Preferred Stock equity financing, which was expanded to $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.
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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 colonization. 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 will 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 was co-founder of a successful institutional money management company after beginning his career on Wall Street with Goldman, Sachs & Co. “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,” said Hanson.
“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, cofounder 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.”
About Imbed Biosciences, Inc.
Imbed Biosciences is a privately held biotech company registered with FDA as a medical device manufacturer with an ISO 13485 certified quality management system. The company has a portfolio of products in development based on its patented Microlyte® technology to combat local pain and infections in complex wounds such as burns, chronic ulcers, surgical wounds, epidermolysis bullosa, and colorectal surgeries. A portion of Imbed’s research funding comes from the National Institute of Arthritis, Musculoskeletal, and Skin Diseases (NIAMS). For more information, visit https://www.imbedbio.com.
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