25 Apr WisBusiness.com: Imbed Biosciences closes $2 million funding round
A Madison-based biotech company is looking to bring a wound-healing product to a larger market after closing a $2 million funding round.
Imbed Biosciences’ MicroLyte Ag Antimicrobial Matrix has been cleared by the FDA for treatment of injuries including burns and ulcers, as well as surgical wounds and skin grafts. According to Ankit Agarwal, the company’s co-founder and CEO, thousands of patients have been treated with the product.
“With this new funding, we will be building up our product distribution channels to expand our reach throughout the United States,” he said.
He says the product is available through three health systems’ formularies, which are lists of pre-approved medications that doctors give their patients. And it’s reimbursed by Medicare Part B.
It’s currently only offered at hospitals in North Carolina, the Chicago area and Wisconsin, but Agarwal says the latest funding will support efforts to reach hundreds of others. He says the company will hire a new sales force, to go “deep and wide” into major hospital systems.
Read the full WisBusiness.com article here.