Garwood Medical Devices announced today that it raised $4 million in a Series C financing round to support preclinical testing for BioPrax.
Buffalo, N.Y.-based Garwood Medical develops the BioPrax device for minimally invasive procedures for eliminating biofilm infections on prosthetic joints during early intervention procedures. The device received FDA breakthrough device designation in October 2019.
Swine studies for the BioPrax device are expected to begin in September, with first-in-human studies slated for the third quarter of 2021, according to a news release.
The Murray family led the Series C funding round with a $600,000 investment, and those who participated in the round will be eligible to purchase additional units through Sept. 2021 and take advantage of an additional equity offering through 2025.
“The COVID-19 pandemic has forever changed the healthcare system and is motivating medical professionals to reevaluate all treatment standards” Garwood Medical CEO Wayne Bacon said in the release. “During this time of reinvention, hospital administrators are actively seeking out new technologies that have the potential to support the delivery of safe, effective treatment options with the least amount of risk to patients.”