Garwood Medical Devices announced last week that it closed its Series B financing round at $3.7 million. The round was oversubscribed by $700,000.
The Buffalo, N.Y.-based medical device developer closed the funding round on Nov. 30. The WNY ImpactInvestment fund contributed $500,000 to the Series B, while 17 investors from the company’s $3.6 million Series A and 18 new investors joined as well.
Garwood said the funding is earmarked for the continued research and testing of its BioPrax device for eliminating biofilm infections on prosthetic knee implants. The minimally invasive device won FDA breakthrough device designation in October and the company is looking at eventual submission for FDA clearance down the road.
“We appreciate the confidence and support from our existing and new investors and their belief in the potential of BioPrax to improve the treatment of periprosthetic joint infections,” Garwood CEO Wayne Bacon said in a news release.
“Our goal is to greatly improve the performance of early intervention techniques,” added Garwood VP of engineering & chief technology officer Brian Peterson. “BioPrax provides a low-voltage electrical treatment to the surface of the knee implant which, in lab studies conducted to date, has been successful in eliminating up to 99.9% of bacterial biofilms within 30 minutes.”