VC fund invests in medical startup
A venture capital fund in the region is investing in a medical startup on the East Coast.
The cultivate(MD) fund, by Holland-based Genesis Innovation Group, made an “investment” in Norfolk, Virginia-based Embody, which is developing a collagen-based implant meant to accelerate post-surgical healing, according to the fund yesterday.
The implant, called Tapestry, was designed for use in Achilles and rotator cuff repairs.
The company hopes to prove in future studies its product minimizes scarring and accelerates post-op rehabilitation.
Matt Ahearn, VP of finance and operations for Genesis Innovation Group, said Embody provided biological and testing data and has researched intellectual property matters and pathways for FDA approval.
“Additionally, they've made tremendous progress on their manufacturing capabilities, which provide capacity to support Embody's first 36 months of commercial activity," Ahearn said.
Embody previously received $12.1 million in funding from the federal Defense Advanced Research Projects Agency and an R&D contract, which has funded product development.
Rob Ball, CEO of Genesis Innovation Group, is joining Embody's board of directors.
Jeff Conroy, Embody's CEO, said Genesis Innovation Group is “an attractive group for Embody, particularly with their team's experience in orthopedics and their ability to understand challenges and to provide valuable input regarding product development, regulatory and IP strategies.”
“With Genesis, we have not only found a lead investor, but a strategic partner who will help us move forward,” Conroy said.