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$2 million investment boosts coffers of Imbed Biosciences
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$2 million investment boosts coffers of Imbed Biosciences

Imbed Biosciences (copy)

Imbed Biosciences, Fitchburg, is getting $2 million from investors to step up manufacturing and sales of its wound dressing, Microlyte Ag Matrix.

Imbed Biosciences says its wound-healing product is being used at five hospitals and more than 20 veterinary clinics, and a new investment will let the young Fitchburg company expand sales nationwide.

Imbed’s MicroLyte Ag Matrix is a patented, ultra-thin film coated with silver nanoparticles that stick to the surface of a wound.

More than 1,000 patients with chronic wounds — including those from surgery, burns, trauma wounds and diabetic ulcers — have been treated with the film in the past year, CEO and co-founder Ankit Agarwal said.

“It kills the bacteria that was hidden in deep wound tissue ... and allows the body to regain its normal healing powers,” Agarwal said.

ankit agarwal

Ankit Agarwal, CEO and co-founder of Imbed Biosciences, in Fitchburg

A clinical trial at Mission Health’s hospital in Asheville, North Carolina, showed that of 32 patients whose wounds had not healed in more than six months, more than 90% had some healing with Microlyte Ag after 12 weeks. On average, 75% of their wounds were closed.

In addition to Mission Health, Rush University Medical Center in Chicago, Baptist Health System in Alabama and HCA Healthcare in Nashville are using MicroLyte, and UW Hospital in Madison is testing it.

Vet clinics in Wisconsin and beyond are using a veterinary version of the film to treat surgical and trauma wounds on dogs, cats and horses, Agarwal said.

Imbed has landed $2 million, with investors organized by Formidable Asset Management, a Cincinnati investment advisory firm whose clients participated in the round along with Wisconsin Investment Partners, a Madison venture investment fund.

That brings the total amount raised to $4.3 million since the company was formed. Imbed also has received $2.5 million in federal Small Business Innovation Research grants from the National Institutes of Health and the National Science Foundation.

The company has nine employees, seven of whom are based at the company’s headquarters, 5520 Nobel Drive. Agarwal said he plans to hire another five to seven employees, primarily to expand sales. Two of the new staff members are expected to be in Fitchburg, where the film is manufactured.

“Now that we have opened so many doors, we have access to hundreds more physicians,” Agarwal said. “With this new funding, we will be building up our product distribution channels to expand our reach throughout the United States.”

The U.S. Food and Drug Administration cleared Microlyte Ag for sale as a medical device in August 2016. The wound-healing film was invented in 2008 by a team at UW-Madison that included Agarwal.

The company says it is developing a portfolio of products based on the Microlyte Matrix technology to stave off infection and pain in complex wounds.


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