Round will fuel growth, cementing Imbed’s position as a leader in advanced wound care.
SANTA CLARA, Calif.—January 8, 2024—Niterra today announced its participation in the $10M convertible debt financing for Imbed Biosciences, Inc. (Imbed), a tissue engineering company developing advanced biomaterials for soft-tissue repair. Niterra’s investment was made through the CVC fund jointly operated with Pegasus Tech Ventures and this round included strong participation from existing investors.
Imbed has developed the world’s first and only fully-synthetic and antimicrobial wound matrix made of biocompatible polymers, which is FDA cleared for several use indications, including management of burns, skin grafts, chronic and surgical wounds. The antimicrobial matrix provides a healing environment conducive to tissue growth and suppresses the growth of microbes and biofilms. Published prospective human clinical trials have shown that inclusion of the matrix in the protocols of care helped jump start healing of stagnant or deteriorating chronic wounds that were suspected of persistent microbial colonization, leading to a faster recovery with less chance of infection, improving patient outcomes.
“People with slow-healing wounds are at high risk of infection, leading to secondary medical complications, including sepsis or amputation,” said Ankit Agarwal, PhD, co-founder and chief scientific and quality officer for Imbed Biosciences. “We have developed the first fully-synthetic and antimicrobial wound matrix based on our patented Microlyte® technology that has been shown to drastically reduce healing time of such deteriorating wounds. It is now stocked on the formulary of several large hospital systems across the U.S. More than hundred thousand units of Microlyte® Matrix were used in complex wounds over the last twelve months, reassuring it as the emerging preferred choice of physicians. This investment allows us to accelerate our commercial growth while also advancing our solutions to help more people.”
The global advanced wound care market is projected to reach $18.7 billion by 2027 and chronic wounds impact 5.7M people in the United States. With this latest round of financing, Imbed will further establish its position as the leading developer of advanced devices for the management of burns, wounds and soft-tissue repair. The funds will be used to scale commercial operations, advance innovation, and increase sales channels.
“Niterra is focused on investing in solutions that improve the quality of life for everybody,” said Dirk Schapeler, president of Niterra Ventures Company. “Wound care has traditionally been expensive with a high risk of complications and has been ripe for innovation. We believe that Imbed Biosciences is redefining wound care and are excited to partner with Dr. Agarwal and his team to further improve patient quality of life.”
In the “2030 Long-Term Management Plan NITTOKU BX,” Niterra has set out the transformation of their business portfolio to increase the ratio of the businesses not related to the internal combustion engine, and as one of the measures to realize it, Niterra is promoting the creation of new businesses in the areas of Health, Energy & Environment, and Mobility. As a part of their effort in Healthcare, Niterra is investing in technology detecting and assessing cardiology, oncology, neurology and hypertension conditions.
About Imbed Biosciences
Imbed is a privately held commercial growth stage biotech company registered with FDA as a medical device manufacturer with an ISO 13485 certified quality management system. The company has a portfolio of products on the market and in development to combat local pain and infections in complex wounds using its patented Microlyte® Matrix technology platform. For more information, visit www.imbedbio.com.
Founded in Nagoya, Japan in 1936, Niterra Co., Ltd. (formerly NGK Spark Plug Co., Ltd.) is renowned for its NGK-branded spark plugs and NTK-branded ceramic products. Niterra, a coined word combining the Latin words “niteo” (shine) and “terra” (Earth), was introduced in April 2023 to express the reborn company’s commitment to sustainability through an evolving portfolio focused on ceramics and beyond. Under the corporate message “IGNITE YOUR SPIRIT,” Niterra is now expanding into the growth fields of mobility, healthcare, environment and energy, and communications. The company’s consolidated revenues in fiscal 2022 (to March 2023) totaled 562.6 billion yen (4,167 million USD). Niterra has 33 bases in Japan and 59 overseas, and more than 16,000 employees worldwide. Please visit https://www.ngkntk.co.jp/english.
About Pegasus Tech Ventures
Pegasus Tech Ventures is a global venture capital firm based in Silicon Valley, offering intellectual and financial capital to exceptional emerging technology companies around the world. In addition to a more traditional investment approach, Pegasus offers a unique Venture Capital-as-a-Service (VCaaS) model for large, global corporations that wish to partner with cutting-edge technology startups.
Our goal is to accelerate the success of our portfolio companies by connecting them to our network of multinational corporate partners to create opportunities for business development, manufacturing, distribution, and global expansion.
Pegasus’ global corporate network includes Global Fortune 500 companies and other reputable multinational corporations across a wide variety of industries, such as consumer electronics, automotive, original design manufacturing, gaming, systems integration, health, and pharmaceuticals.
Pegasus Tech Ventures applies a collaborative approach to working with entrepreneurs and our limited partners. We help our portfolio companies grow quickly and achieve success on a global scale.