Michigan Pre-Seed Capital Fund and Allied Minds invest in Biotectix
10-Feb-2009
Ann Arbor, Michigan – Biotectix, LLC today announced that it received new capital funding from Ann Arbor SPARK through its Michigan Pre-Seed Capital Fund, and from Allied Minds, Inc., a private investment firm and founder. Biotectix is an innovator developing bioactive, electrically conductive polymer biomaterials that improve the performance, biological integration and stability of implantable biomedical devices while delivering ample value added to their manufacturers.
“We are very pleased with this new funding and welcome Ann Arbor SPARK as a new member of the Biotectix investor team,” said Jorge de Dios, Biotectix CEO. “This new funding and the attractive terms we realized recognize the achievements that Biotectix has gained in terms of demonstrating the efficacy, biocompatibility and safety of the technology while building a robust development pipeline. Out of that pipeline, the firm has realized its first revenues for coatings as well as a significant co-development project with a leading auditory implant firm.”
"We are delighted that Ann Arbor SPARK is joining us in Biotectix and happy in our decision to increase our own investment in the Company,” stated Marc Eichenberger, Chief Operating Officer of Allied Minds, parent company of Biotectix. “Biotectix has an attractive business model and we are well on our way to achieving a leadership position in the $2 billion biomaterials and active coatings market. We have built a strong product line and have attracted our first customers,” he added.
Funds will be used to extend the company’s capabilities to service its customers as well as expand business development activities. On-going research in support of customers in the cardiac, neural and cochlear markets will be accelerated.
About Biotectix, LLC
Biotectix is an innovator in developing bioactive, electrically conductive biomaterials and coatings that improve the safety, longevity, reliability, biological integration, and function of implantable biomedical devices. Biotectix’s novel proprietary biomaterials are based on soft, bioactive, conductive polymers that can join conductive systems ionically and electronically and exhibit low magnetic resonance. They also offer proprietary drug delivery capabilities and can deliver biological or pharmaceutical agents passively or on demand to prevent infection and direct tissue reaction directly at the electrode site. In addition to addressing the most vexing problems facing a wide range of implantable biomedical devices, the Biotectix technology platform introduces new paradigms that make it possible to design a new generation of electrodes and resultant devices utilizing 100% -polymer electrodes that may be grown in the body.
The Company has been funded by Allied Minds, Inc., a private investment corporation and Ann Arbor SPARK. For more information, please visit www.biotectix.com
About Allied Minds, Inc.
Allied Minds is a seed investment company creating partnerships with select universities to fund corporate spin-offs resulting from successful early stage technology research. By providing corporate development support as well as funding, Allied Minds aims to guide early stage companies to commercial success, thereby generating value for all stakeholders. For more information, logon to www.alliedminds.com
For more information;
Jorge de Dios, CEO
Biotectix, an Allied Minds Company
(703) 338-3361
jorge.dedios@alliedminds.com
