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.
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Vice President of Finance and Operations
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