Abyrx said today it raised $10 million in a new equity financing round and expanded its exclusive, global license agreement with Bezwada Biomedical to include the development and production of Bezwada’s soft-tissue adhesive tech.
Funds in the $10 million round came from Canaan Partners, MedEdge, BB Biotech Ventures and members of the company’s executive team, with funds slated to support Abyrx’s bone putty products and to accelerate pipeline developments.
“We are very pleased by the support of our investors and thrilled to be broadening the scope of our manufacturing and technology platforms with Dr. Bezwada and his team to include new capabilities for soft tissue products. These new developments enhance the level of service we deliver to providers of care and deepen our relevance in the surgical procedures we support,”Abyrx prez & CEO John Pacifico said in prepared remarks.
Through the expanded deal, Abyrx gains exclusive access to proprietary materials and manufacturing from Bezwada, which are slated to be used to develop products for surgical site hemostasis, sealing and fixation, the company said.
“We have been very impressed by Abyrx’s ability to advance our technology platforms from lab-scale production to finished products that solve unmet needs. Given Abyrx’s history of success in developing and commercializing new products, and the support Abyrx continues to receive from the venture capital community, we are excited about our future with Abyrx and we are dedicated to ensuring Mr. Pacifico and his team have everything they need to achieve their objectives for the bone and soft tissue marketplaces,” Bezwada Biomedical prez & CEO Rao Bezwada said in a press release.
Abyrx said it and Bezwada both recently initiated development programs to move their products towards commercialization.