Garwood Medical Devices, developer of BioPrax™ technology to treat antibiotic-resistant bacterial biofilm infections associated with metallic orthopedic implants, completed a Series C round that closed at $4 million, as projected.
BioPrax is under investigation to study the elimination of biofilm infections on prosthetic knee implants during early intervention procedures and when used alongside the current standard of care.
BioPrax was accepted into FDA's Breakthrough Device Program in 2019, an important milestone on the path to market acceptance and widespread usage among orthopaedic surgeons and hospitals, anticipated in 2025.
Garwood Medical has now raised $11.4 million, including $3.8 million in the Series B round, which closed in late 2019. The company raised an initial $3.6 million during the company's Series A financing round, which closed in 2016. Funds raised will continue to support preclinical testing.
"We are very pleased with this continued success in raising much-needed capital and attracting interested partners," said Wayne Bacon, President & CEO of Garwood Medical. "Our enthusiasm is further bolstered by the fact that 90% of our A- and B-round investors reinvested, taking 60% of the C round."