Embody secured $11.5 million in an oversubscribed equity financing and entered into a debt financing agreement to provide up to $9 million in term loans, of which an initial $5 million has been funded, for a total of $20.5 million in available funds. The funding will support commercialization of Tapestry Biointegrative Implant, the launch of the Tapestry RCR system for rotator cuff repair and postmarket clinical studies of the Tapestry platform.
Jeff Conroy, Chief Executive Officer of Embody, said, "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."
Source: Embody, Inc.