05 November 2019, India:
Biotech firm Imbed Biosciences Inc. today announced that it has closed its Series A Preferred Stock equity financing. The Series A Financing was expanded to $4 million due to investor demand.
The funding round was led by a group of investors organized by Formidable Asset Management and included participation from WISC Partners and additional new investors.
The company will use the fresh capital to to commercialize it’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.
As a part of funding, Jeff Hanson, an experienced financial services industry strategist and entrepreneur will join the company’s Board of Directors.
Jeff Hanson 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.”
Ankit Agarwal, PhD, cofounder and CEO, Imbed Biosciences, said, “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.”
Ankit Agarwal, added, “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.”
(Image – Imbed Biosciences)