GreenMark Secures Additional Funding for Cavity Identification and Treatment
EAST LANSING, Mich. and ANN ARBOR, Mich., March 20, 2019 /PRNewswire/ -- GreenMark Biomedical Inc. today announced it secured $670,000 equity funding, completing a $1.2 million Series Seed Preferred Stock round to further develop and commercialize its patented nanoparticle-based dental technology. The University of Michigan's MINTS program, Invest Michigan and Red Cedar Ventures investments follow earlier funding from Blue Water Angels, Western Michigan University's BRCC and Invest Detroit Ventures.
GreenMark's products, which are being developed by GreenMark with collaborators at the University of Michigan, quickly identify early dental "pre-cavities" that can be treated non-invasively to prevent the formation of cavities. The technology utilizes bioresorbable starch-based nanoparticles which degrade into harmless materials by the time the patient is ready to leave the dental office.
"Our MINTS program is pleased to join the shareholders of GreenMark Biomedical, a company with many close ties to the University of Michigan," said Rafael Castilla, director of investments. "We are excited by the potential of the technology as well as with GreenMark's multi-disciplinary team of recognized experts in medicine, dentistry, biomaterials, manufacturing, finance and business development."
"These targeted diagnostic and treatment products can have major implications for dental patients by preventing cavity formation at the onset through identification and non-surgical treatment, reducing the need for invasive and costly dental procedures," said Charlie Moret, chairman and CEO, Invest Michigan. "GreenMark has the team and technology to improve oral health outcomes for patients," explained Patricia Glaza, SVP and managing director, Invest Detroit Ventures. Jeff Wesley, executive director, Red Cedar Ventures, added, "The technology and business development is being led by a proven entrepreneur and represents an exciting opportunity for dentists and patients alike."
In addition to its investor funding, GreenMark is leveraging state and federal funding, including two MCRN Small Company Innovation Program grants, a Business Accelerator Fund grant from the Michigan Small Business Development Corporation, a Small Business Innovative Research grant from National Institutes of Health (NIH) for its dental diagnostic products and a second NIH grant from the National Institute of Dental and Craniofacial Research (NIDCR), through the Michigan-Pittsburgh-Wyss Regenerative Medicine Resource Center, for its dental treatment products.
About GreenMark Biomedical Inc.
GreenMark is developing products that involve small particles produced from food-grade starch. These particles make an ideal carrier for medical and dental applications, given enzymes in our body and saliva degrade starch. Dental caries is a disease that impacts 96 percent of Americans and is the most prevalent chronic disease in the world. GreenMark is developing and commercializing a method to identify and better assess the disease in its early stages, monitor progression and treat it non-invasively or non-surgically. The company's diagnostic product, which will be used by dental professionals as part of the routine dental exam, contains fluorescently labeled starch particles that target active caries and illuminate them using a standard curing light found in every dental practice. The identification at early stages before cavitation will allow the use of non-surgical management options, resulting in less discomfort and improved long-term oral health outcomes for patients. GreenMark's team has also demonstrated the ability to load the essential minerals, depleted as a result of tooth decay, directly inside the small starch particles. Unlike fluoride products which seal the tooth's enamel surface, GreenMark's treatment products are designed to target the enamel subsurface.
GreenMark Biomedical Inc. has an office located at 325 E. Grand River Avenue, Suite 314, East Lansing, MI 48823, and lab facilities at 1600 Huron Parkway, Building 520, 2nd Floor, Ann Arbor, MI 48109. Contact: [email protected] or (517) 896-3665. For more information, visit www.greenmark.bio.
About Blue Water Angels: Blue Water Angels (BWA) Investment Network has more than 50 high net-worth individuals and select organizations interested in investing capital in promising companies with the expectation of receiving a substantial return on their investment. BWA's mission: "Our goals are to bring together a large network of individuals to boost economic development and job creation while increasing net-worth." Its vision: "We believe the best way to predict the future is to invest in it." BWA has invested over $18 million to date. For more information, visit http://bluewaterangels.com.
About Western Michigan University's BRCC: Biosciences Research & Commercialization Center is based at Western Michigan University and was established in 2003 with a special $10 million appropriation from the Michigan Legislature as a non-profit investor, designed to provide seed funding to early-stage companies focused on the life science sector. BRCC considers a wide range of life science technologies across all indications, including biotech therapeutics, diagnostics, medical devices, software, agriculture, environmental and analytical services. BRCC also provides growth capital funding to Contract Research Organizations (CROs) and Contract Manufacturing Organizations (CMOs) already servicing and on the market. The economic development focus of BRCC aims to promote the growth of Michigan's life sciences business sector and collaborates with the state's entrepreneurial resource service providers. For more information, visit http://www.brcc.wmich.edu/.
About Invest Detroit Ventures: Invest Detroit Ventures, the venture team of Invest Detroit, supports promising Michigan-based high-tech startups through investment capital and programs that strengthen the startup ecosystem. As a collaborative investor and community partner, our approach is to provide inclusive access to resources for Michigan entrepreneurs with high-growth potential. For more information, visit https://investdetroit.com/id-ventures/.
About Invest Michigan: Invest Michigan is the fund manager of Michigan Pre-Seed Fund II which finances early-stage technology companies located in Michigan. Launched in mid-2014 through the support of the Michigan Strategic Fund, Invest Michigan has completed 98 investments in 51 companies across the state of Michigan. For more information, visit www.investmichigan.org.
About University of Michigan's MINTS: Michigan Investment in New Technology Startups is a direct investment program in the University of Michigan's endowment managed by its investment office. For more information, see https://www.bf.umich.edu/about/#accordion-643.
About Red Cedar Ventures: Red Cedar Ventures, the venture investment arm of the Michigan State Foundation, supports promising Michigan State University student and faculty initiatives through investment capital and programming. Led by Executive Director Jeffery A. Wesley, Red Cedar Ventures' investments are inspired by the thinkers, innovators and doers – faculty, researchers and student entrepreneurs ready to bring their technologies and companies to market. For more information: www.redcedarventures.com.
About the National Institutes of Health (NIH): NIH, the nation's medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical and translational medical research and is investigating the causes, treatments and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov. The National Institute of Dental and Craniofacial Research (NIDCR), part of NIH is the nation's leading funder of research on oral, dental and craniofacial health. To learn more about NIDCR, please visit http://www.nidcr.nih.gov.
About MPWRM Resource Center: The translation of innovative tissue engineering/regenerative medicine technologies requires a new approach to bringing dental, oral and craniofacial technologies to clinical practice. To meet this need, an integrated multidisciplinary resource center has been established as a partnership between University of Michigan, the University of Pittsburgh/McGowan Institute and Harvard University/Wyss Institute for Biologically Inspired Engineering. This NIH/NIDCR-funded center through cooperative agreement U24-DE026915, named the Michigan-Pittsburgh-Wyss Regenerative Medicine (MPWRM) Resource Center, supports regenerative medicine of dental, oral and craniofacial complex and consists of leaders with clinical, basic science, engineering and business expertise. Its Interdisciplinary Translational Project (ITP) programs and resource infrastructure supports navigation through the regulatory process and pre-clinical studies. The goal of the ITP programs is to translate innovations which address the ongoing clinical need to restore or create healthy functional dental, oral and craniofacial tissues to commercial reality. See https://doctrc.pitt.edu/funded-projects/.
Press Contact:
Dr. Steven Bloembergen
[email protected]
(517) 896-3665
For more information, visit www.greenmark.bio.
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