Startup medical device company Tissue Regeneration Systems raised $4.6 million in an equity financing round led by Venture Investors, CEO Jim Fitzsimmons told MassDevice.com.
The round was also supported by the Wisconsin Alumni Research Foundation, the University of Michigan and the state of Wisconsin, Fitzsimmons told us.
Tissue Regeneration is an academic spin-out that’s developing bone scaffold products based on technology originally licensed from the Universities of Michigan and Wisconsin. The equity round closed just shy of the hoped-for $5 million, according to a regulatory filing.
The Kirkland, Wash.-based company recently handed in 510(k) submission paperwork to FDA for 2 different bone scaffolding products, Fitzsimmons said.
Because the company is still in pre-commercialization, the new cash will fuel all daily company operations, employee salaries and research and development, he said.
Tissue Regeneration designs a skeleton reconstruction implant that is ultimately absorbed into the body. The company’s 1st commercial targets are in cranial/facial surgery, orthopedic surgery and spine fusion surgery, according to its website.