Garwood Medical Devices Concludes its Third Round of Funding (Raised an Additional $4M)

Garwood Medical Devices, LLC, an emerging Buffalo-based company developing groundbreaking BioPrax™ technology to treat antibiotic-resistant bacterial biofilm infections associated with metallic orthopaedic implants, announced today its Series C round of accredited-investor funding has closed at $4 million, as projected.

The third round of financing, which began last September, attracted institutional investment from groups such as The WNY Impact Investment Fund and the Murray family, former owners of UC Coatings, along with global investors in the orthopaedics/health care space.

Garwood Medical has now raised $11.4 million, including $3.8 million in the Series B round, which closed October 2019 and was over-subscribed by $800,000. The company raised an initial $3.6 million during the company’s Series A financing round, which closed in September 2016. Funds raised will continue to support pre-clinical testing.

“We are very pleased with this continued success in raising much-needed capital and attracting interested partners,” said Wayne Bacon, president & CEO of Garwood Medical. “Our enthusiasm is further bolstered by the fact that 90 percent of our A- and B-round investors reinvested, taking 60 percent of the C round.”

Bacon said the three rounds of funding have been supported by individuals, including many orthopaedic surgeons and medical professionals, who understand the tremendous promise and value proposition the company provides.

Garwood Medical’s BioPrax™ device is currently under investigation to study the elimination of biofilm infections on prosthetic knee implants during early intervention procedures and used alongside the current standard of care.

BioPrax™ was accepted into the FDA’s Breakthrough Device Program in October 2019, an important milestone on the path to market acceptance and widespread usage among orthopaedic surgeons and hospitals, anticipated in 2025.

Medical Device News Magazinehttps://infomeddnews.com
Medical Device News Magazine provides our readership with breaking medical device / biotechnology news. Our subscribers include medical specialists, device industry executives, investors, and other allied health professionals, as well as patients who are interested in researching various medical devices. We hope you find value in our easy-to-read publication and its overall objectives! Medical Device News Magazine is a division of PTM Healthcare Marketing, Inc. Pauline T. Mayer is the managing editor.

More News!

MMI notes the funds will support commercialization of the Symani® Surgical System in high-growth markets and continued investment in studies that generate clinical evidence and enable indication expansion. Investments will also accelerate advanced technology capabilities and enable MMI to scale its operational capabilities globally.
“We are excited to begin our journey as a public company with this additional investment. We believe Tevogen’s patient-centric approach, which merges a focus on affordability with advanced science, is a blueprint for sustainable success in the current era of healthcare. I am pleased that investors now have the opportunity to participate in Tevogen’s mission to become the very first life science company offering commercially attractive and affordable personalized T cell therapies for large patient populations in virology, oncology, and neurology, said the CEO of Tevogen Bio.
MB2 Dental notes the financing will be used to fund upcoming acquisitions and future growth for the company, following a record year of growth in 2023 with 150 new partnerships.
Procyrion notes the funding will support the DRAIN-HF pivotal IDE trial evaluating the company's Aortix pump, internal R&D programs to improve manufacturability, and commercialization preparation.
PhotoniCare, in January of this year, announced that the U.S. Food and Drug Administration had granted clearance for its TOMi™ Scope for non-invasive imaging of the middle ear.

By using this website you agree to accept Medical Device News Magazine Privacy Policy