Organogenesis said yesterday that it raised $30 million from existing investors to back its expansion plans.
Canton, Mass.-based Organogenesis makes a line of regenerative medicine products designed to heal wounds. The company said it plans to use the proceeds to expand its sales force and commercial operations and to widen the reach of its PuraPly collagen matrix. Some of the cash will go toward new wound care and surgical product development, the company said.
Organogenesis said it plans to launch an FDA-approved Class III PMA burn treatment this year, along with new versions of its FortaFlex collagen matrix for soft tissue reinforcement. New hires slated for this year should take its sales force to 250 reps, the company said.
“With wound care decision makers increasingly moving toward evidenced-based products and buying groups selecting companies with broader product portfolios, Organogenesis is experiencing the largest growth in the company’s history,” president & CEO Gary Gillheeney Sr. said in prepared remarks. “Part of this success is due to our expanded wound care portfolio – including the recent launch of PuraPly and PuraPly antimicrobial – which allows us to offer products across all phases of wound healing.”
In January 2014, Organogenesis acquired the Dermagraft business from Shire (NSDQ:SHPGY) in a deal worth up to $300 million, adding it to its own Apligraf skin graft. The company said yesterday that it’s still investing in those businesses, which have sold a collective 1 million units to date. More than 1,500 hospitals and clinics carry Organogenesis products, the company said.
