Garwood Medical Devices Announces $4 Million Series C Funding

Garwood Medical Devices, a developer of medical device technology, has announced a Series C financing round of $4 million to support additional preclinical testing for its BioPrax device.
 
Infection is the most serious complication of joint replacement. 2.2 percent of prosthetic hip or knee replacements develop infection over the lifetime of the prosthetic joint resulting in treatment costs over $12 billion annually.  BioPrax, a minimally invasive device is currently under investigation to evaluate whether the device can help eliminate biofilm infections on prosthetic joints during early-intervention procedures. In in-vivo animal models BioPrax has shown a 99.6 percent biofilm reduction with no increased bone or tissue damage as compared to antibiotics alone, which achieved only 81.17 percent reduction.
 
The U.S. Food and Drug Administration granted BioPrax Breakthrough Device Designation on Oct. 11, 2019, for products that may provide more effective treatment or diagnosis of life-threatening or irreversibly debilitating diseases or conditions. BioPrax swine studies began in September and first in-human studies started in the third quarter of 2021.
 
“The COVID-19 pandemic has forever changed the healthcare system and is motivating medical professionals to reevaluate all treatment standards” said Wayne Bacon, Garwood Medical’s CEO.  “During this time of reinvention, hospital administrators are actively seeking out new technologies that have the potential to support the delivery of safe, effective treatment options with the least amount of risk to patients.”
 
Garwood Medical, a $40 million company, was over-subscribed by $800,000 in its Series B round led by the WNY Impact Investment Fund, which invested $500,000 in November 2019.
 
Participants in the Series C financing, led by The Murray Family with a $600,000 investment, will be eligible to purchase additional units through September 2021 and take advantage of an additional equity offering through 2025.