Garwood Medical Devices' $3m Series B Oversubscribed by $700,000

BUFFALO, N.Y., Dec. 13, 2019 /PRNewswire/ -- Garwood Medical Devices announced today that its Series B round closed 11/30/2019 at $3.7 million, over-subscribed by $700,000. The WNY Impact Investment Fund, who invested $500,000, 17 investors from Series A, and 18 other new investors all joined to support continued research and testing of Garwood's innovative BioPrax™ device, which is under evaluation for knee implant biofilm infection control. This adds to the $3.6 million raised in Series A financing that closed in September 2016.

BioPrax™ is a minimally invasive device designed to help eliminate biofilm infections on prosthetic knee implants during early intervention procedures and was recently granted Breakthrough Device designation by the FDA. The additional funding will be used to conduct further tests to support FDA submission.

"We appreciate the confidence and support from our existing and new investors," said Wayne Bacon, Garwood's CEO, "and their belief in the potential of BioPrax™ to improve the treatment of periprosthetic joint infections. Few people other than physicians and impacted patients understand the tremendous suffering and high treatment costs associated with these infections, which strike tens of thousands of Americans per year, costing many billions of dollars."

"Our goal is to greatly improve the performance of early intervention techniques," said Brian Peterson, Garwood Medical's VP of Engineering and CTO. "BioPrax™ provides a low-voltage electrical treatment to the surface of the knee implant which, in lab studies conducted to date, has been successful in eliminating up to 99.9% of bacterial biofilms within 30 minutes." Garwood says the technology has the potential to help eliminate biofilm infections on other medically implanted metal devices including all artificial joints, bone screws and plates, and dental implants.

About Garwood Medical Devices
Garwood Medical Devices, headquartered in Buffalo, NY was founded in July 2014. Garwood specializes in healthcare innovation and holds the exclusive license for the core BioPrax technology developed by the University at Buffalo. Its mission is to advance infection control through innovation. The company currently holds 8 registered and pending patents. https://garwoodmedicaldevices.com

Media Contact:
Wayne Bacon
716-322-3222 ext. 101

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Garwood Medical Devices' BioPrax™
A minimally invasive device designed to help eliminate biofilm infections on prosthetic knee implants.

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SOURCE Garwood Medical Devices