Medical device company Embody, Inc. has announced it has secured a $20.5 million funding round to be used to support commercialization of the Tapestry Biointegrative Implant, post-market clinical studies of the Tapestry platform, and launch of the Tapestry RCR Rotator Cuff System.
Founded in 2014 and based in Norfolk, Virginia, Embody is focused on soft tissue healing in orthopedic sports medicine and aims to pioneer the next generation regenerative platform via innovative collagen-based bio-fabrication products and techniques for the fast-growing sports medicine market. The global market for sports medicine products is growing fast with projections of being an $11 billion by 2023.
The funding, led by Horizon Technology Finance Corporation, consists of an oversubscribed $11.5 million equity financing and up to $9 million in term loans, of which $5 million has initially been funded. Headquartered in Farmington, Connecticut, Horizon Technology Finance Corporation provides funding to companies in healthcare information and services, life sciences, technology and sustainability industries.
“We are delighted to provide this financing to Embody and have confidence in the Company’s technology and business strategy,” said President of Horizon Gerald A. Michaud. “We look forward to the Company reaching its critical milestones for its novel collagen technology platforms for soft tissue healing in sports medicine where there is a scarcity of technologies addressing the unmet needs of shoulder, knee, and foot & ankle injuries.”
OTW spoke with Rob Brown, Embody’s Chief Commercial Officer, about the funding. “The additional funding enables us to further demonstrate the benefits of TAPESTRY through the collection of clinical data in unique tendon applications like subscapularis with TSA, gluteus medius, plantar plate where formative products have lacked the combination of collagen chemistry and structure to support healing”, said Brown. “We are also in the late stage of development, preparing to expand into arthroscopic rotator cuff with the launch of TAPESTRY RCR.”
“We are pleased to have the support of our existing and new investors and to partner with Horizon, a leading venture debt provider that has an extensive history of supporting innovative life science companies,” said Embody CEO Jeff Conroy. “Through the second half of 2021 and early 2022, we anticipate a number of important milestones in the commercial expansion of our Tapestry platform. This transaction immediately strengthens and extends our financial resources to advance our position in the market with the launch of Tapestry RCR for arthroscopic rotator cuff and our clinical pipeline.”
