cultivate(MD) Announces Investment Into Embody, Inc.
HOLLAND, Mich., March 4, 2019 /PRNewswire/ -- Genesis Innovation Group's cultivate(MD) Capital Fund II, LP, a fund focused on investments into early stage healthcare companies with innovative technologies, announces its investment into Embody, Inc.
Embody has developed an innovative collagen based microfiber implant called Tapestry designed for use in Achilles' and rotator cuff repairs, addressing a combined market exceeding 750,000 surgical cases in the U.S. annually. Tapestry's design is based on research of collagen accelerating recellularization by growing new aligned tissue over surgical repairs. Studies to be conducted aim to also prove that scarring is minimized and post-op rehabilitation is accelerated. Rob Ball, CEO of Genesis Innovation Group said, "Embody technology is built on an incredible body of research and development which utilizes powerful manufacturing technology to produce soft tissue augmentation products that provide optimal characteristics for growth of tissue. They've developed a truly unique platform that will deliver product innovation for years to come."
Embody previously received $12.1 million in DARPA funding and an R&D contract, which has funded product development. cultivate(MD) is the leader in the new $3.6M raise that is earmarked for pre-launch and pre-commercial activities. Mr. Ball will join Embody's Board of Directors. Matt Ahearn, Vice President of Finance and Operations for Genesis Innovation Group said, "We were very impressed by Jeff and his team throughout the diligence process. They provided significant histology and testing data, vetted regulatory pathways and had performed extensive research on intellectual property matters. Additionally, they've made tremendous progress on their manufacturing capabilities which provide capacity to support Embody's first 36 months of commercial activity."
Jeff Conroy, CEO of Embody stated, "Genesis Innovation Group is an attractive group for Embody, particularly with their team's experience in orthopedics and their ability to understand challenges and to provide valuable input regarding product development, regulatory and IP strategies. With Genesis, we have not only found a lead investor but a strategic partner who will help us move forward. We are very happy to be involved with them."
About cultivate(MD) Capital Funds
As a medical device venture capital fund, cultivate(MD) is dedicated to bringing emerging health care innovations to market, with a special focus on medical device and orthopedic technologies. cultivate(MD) is focused on investing in early stage healthcare companies with innovative technologies that have demonstrated evidence of effectiveness.
This press release does not constitute an offer to sell or solicitation of an offer to buy any securities in any offering of securities. There will not be any sale of any securities in any state or jurisdiction in which such offering, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Vice President of Finance and Operations
Certain Statements in this press release constitute forward-looking statements. When used in this press release, the words "will," "anticipate," and similar expressions or the negatives thereof are generally intended to identify forward-looking statements. Such forward-looking statements, including the intended actions and performance objectives of fund, its general partner, cultivate(MD) or any cultivate(MD) portfolio company referenced herein, involve known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance, or achievements of the general partner, or any cultivate(MD) fund or portfolio company to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. No representation or warranty is made as to future performance or such forward-looking statements. All forward-looking statements in this press release speak only as of the date hereof. The fund, its general partner and cultivate(MD) expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectation with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.
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