TissueTech, Inc. Receives $10 Million in Growth Equity Financing
DORAL, FL, August 22, 2013-- TissueTech, Inc., the industry leader in regenerative tissue engineering, announced the completion of a $10 million round of growth equity financing from River Cities Capital Funds and Ballast Point Ventures.
TissueTech offers its portfolio of amniotic membrane and umbilical cord-based tissue and device products through its commercial entities: BioTissue, Inc., the industry leader in regenerative tissue therapies for ocular surface diseases and disorders, and Amniox Medical, a leading technology provider to the musculoskeletal and wound care markets. The funding will be largely used to accelerate commercial efforts and further research and development in both divisions.
“This growth equity financing is a significant achievement, serving as an endorsement of both the Company’s management team and technology platforms, as well as a strong validation of our core business strategies,” says Dr. Scheffer Tseng, MD, PhD, TissueTech’s Chairman and Chief Scientific Officer. “We are excited to welcome the expertise of two outstanding investment partners. Their wealth of experience in guiding the development and evolution of other successful growth-stage companies will serve as a tremendous resource for the future of TissueTech.”
“TissueTech’s industry leading position in ophthalmology is a testament to the vision and technology platform developed by the management team. We are thrilled to partner with them as the company expands its core eye-care market and brings its leading technologies into orthopedics and wound care,” says River Cities’ Carter McNabb, who will join the TissueTech Board of Directors.
“We have followed the progress of TissueTech over a number of years, and we have built a great relationship with the team over that period of time. What management has accomplished with a limited base of external capital has been very impressive, and we look forward to partnering with them to build a world class regenerative medicine company,” says Matt Rice of Ballast Point Ventures, who will also join the TissueTech Board.
Founded in 2001 by Amy Tseng, President and CEO, and Dr. Scheffer Tseng, Chairman and Chief Scientific Officer, TissueTech, Inc. is a leader in regenerative amniotic tissue-based products for use in the ophthalmology, optometry, musculoskeletal and wound care markets. The National Institutes of Health (NIH) has supported TissueTech’s research with more than 25 continuous years of research grants. Since inception, 150,000 human implants have been conducted using the Company’s patented CryoTek™ process and 300 peer-reviewed scientific publications have been produced supporting the technology platform. The Company has pioneered the clinical application of human amniotic membrane and its role in stem cell research. The Company’s first product, AmnioGraft™, is the only tissue graft designated by the FDA as homologous for promoting ophthalmic wound healing while suppressing scarring and inflammation.
The Company’s product portfolio includes the following families:
Eye care market: AmnioGraft™, AmnioGuard®, ProKera®, Cliradex®
Musculoskeletal and wound care markets: Clarix™ and Neox®
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