Regenerative Medicine Firm Raises $10M in Growth Equity Funding

Regenerative medicine firm TissueTech, based in Florida, and has raised $10 million.

The money will be used to continue research and development as well commercial efforts for amniotic membrane and umbilical cord-based tissue and device products made in its two divisions - Bio-Tissue, Inc., which has developed regenerative tissue therapies for ocular surface diseases and disorders, and Amniox Medical, a technology provider to the musculoskeletal and wound care markets.

The money comes from two investors Ballast Point Ventures and River Cities Capital Funds.

"This growth equity financing is a significant achievement, serving as an endorsement of both the Company’s management team and technology platforms, as well as a strong validation of our core business strategies,” said Dr. Scheffer Tseng, TissueTech’s Chairman and Chief Scientific Officer, in a news release. “We are excited to welcome the expertise of two outstanding investment partners. Their wealth of experience in guiding the development and evolution of other successful growth-stage companies will serve as a tremendous resource for the future of TissueTech.”

Bio-Tissue makes three products - AmnioGraft, AmnioGuard and Prokera, two of which are made using the company's cryopreservation method that "retains the amniotic membrane’s natural wound repair and wound healing activities," according to the company's website. Prokera is a Class II medical device.

A regualtory filing from 2012 shows that the company sought $6.5 million, but it was able to raise only $1.5 million

 -- By Arundhati Parmar, Senior Editor, MD+DI
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