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Embody, Inc. Announces $10.4 Million Series C Funding Round
Funds to Support Commercial Expansion and Post-Market Clinical Studies of Tapestry® for tendon and ligament injuries.
NORFOLK, Va., September 20, 2022-- Embody, Inc., a privately-held medical device company focused on soft tissue healing, announced today that it closed a $10.4 million Series C funding round led by Genesis Innovation Group's cultivate(MD) Capital Funds LP. The financing will enable Embody to expand its world-class operations, post-market clinical studies of the recently launched Tapestry RC System for rotator cuff and prepare for the commercial launch of ActivBraid™ high-strength collagen-based suture technology in 2023.
"This financing represents a notable step in the continued growth of Embody" said Jeff Conroy, Embody's Founder and Chief Executive Officer. "We are thrilled to have the continued support of our highly seasoned investor base, further illustrating the opportunity and need of our soft tissue healing technology portfolio."
Embody has pioneered the next generation regenerative platform with novel collagen-based bio-fabrication techniques and products for the fast-growing sports medicine market, including rotator cuff repair, foot & ankle, and knee.
"Embody's collagen technologies have the potential to redefine the standard of care and approaches to the treatment of tendon and ligament injuries," noted Genesis Innovation Group and the cultivate(MD) venture funds Executive Director, R. Sean Churchill, MD, MBA. "We are proud to partner with Embody and believe the technology and team are well positioned to be a leader in the sports medicine market space."
About Embody: Embody, the soft tissue healing company, is pioneering the next generation regenerative platform with novel collagen-based bio-fabrication techniques and products for the fast-growing sports medicine market. The global market for sports medicine products is expected to reach $11 billion by 2023. Embody's products focus on the most pressing patient needs: the repair of serious tendon and ligament injuries and are developed in close collaboration with some of the most advanced clinical thought leaders. Founded in 2014 and funded more than $23 million in DARPA & DOD funding, the company is developing unique biomaterials with an initial focus on orthopedic applications including foot & ankle, rotator cuff and knee ligament.
About Genesis Innovation Group and cultivate(MD) Capital Funds: As a medical device venture capital fund, cultivate(MD) is dedicated to bringing emerging health care innovations to market, with a special focus on medical device and orthopedic technologies. cultivate(MD) is focused on investing in early stage healthcare companies with innovative technologies that have demonstrated evidence of effectiveness. For more information, visit: https://genesisinnovationgroup.com/
This press release does not constitute an offer to sell or solicitation of an offer to buy any securities in any offering of securities. There will not be any sale of any securities in any state or jurisdiction in which such offering, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Certain statements in this press release constitute forward-looking statements. When used in this press release, the words "will," "anticipate," and similar expressions or the negatives thereof are generally intended to identify forward-looking statements. Such forward-looking statements, including the intended actions and performance objectives of the fund, its general partner, cultivate(MD), or any cultivate(MD) portfolio company referenced herein, involve known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance, or achievements of the general partner, or any cultivate(MD) fund or portfolio company to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. No representation or warranty is made as to future performance or such forward-looking statements. All forward-looking statements in this press release speak only as of the date hereof. The fund, its general partner, and cultivate(MD) expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectation with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.