TissueTech Inc. said it pulled down $10 million from a pair of venture capital shops to back its regenerative medicine subsidiaries, Bio-Tissue and Amniox Medical.
The equity round came from Ballast Point Ventures and River Cities Capital Funds, according to a press release.
Doral, Fla.-based TissueTech makes amniotic membrane- and umbilical cord-based products designed to treat ocular surface diseases (Bio-Tissue) and musculoskeletal conditions and wound care (Amniox Medical), according to the release.
The cash is earmarked for commercialization and R&D, TissueTech said.
"This growth equity financing is a significant achievement, serving as an endorsement of both the company’s management team and technology platforms, as well as a strong validation of our core business strategies," chairman & chief scientific officer Dr. Scheffer Tseng said in prepared remarks. "We are excited to welcome the expertise of 2 outstanding investment partners. Their wealth of experience in guiding the development and evolution of other successful growth-stage companies will serve as a tremendous resource for the future of TissueTech."
Tseng founded TissueTech in 2001 with his wife, Amy Tseng, the medical device company’s president & CEO. Its 1st product, AmnioGraft, is "the only tissue graft designated by the FDA as homologous for promoting ophthalmic wound healing while suppressing scarring and inflammation," according to the release.
