August 22, 2013
TissueTech™ Inc Receives $10 Million in Growth Equity Financing
DORAL, FL., August 22, 2013 – TissueTech™ Inc, the industry leader in regenerative tissue engineering, announced the completion of a $10 million round of growth equity financing from Ballast Point Ventures and River Cities Capital Funds.
TissueTech™ offers its portfolio of amniotic membrane and umbilical cord-based tissue and device products through its commercial entities: BioTissue® Inc, the industry leader in regenerative tissue therapies for ocular surface diseases and disorders, and Amniox® Medical, a leading technology provider to the musculoskeletal and wound care markets. The funding will be largely used to accelerate commercial efforts and further research and development in both divisions.
“This growth equity financing is a significant achievement, serving as an endorsement of both the Company’s management team and technology platforms, as well as a strong validation of our core business strategies,” says Dr. Scheffer Tseng, MD, PhD, TissueTech™’s Chairman and Chief Scientific Officer. “We are excited to welcome the expertise of two outstanding investment partners. Their wealth of experience in guiding the development and evolution of other successful growth-stage companies will serve as a tremendous resource for the future of TissueTech™.”
“TissueTech™’s industry leading position in ophthalmology is a testament to the vision and technology platform developed by the management team. We are thrilled to partner with them as the company expands its core eye-care market and brings its leading technologies into orthopedics and wound care,” says River Cities’ Carter McNabb, who will join the TissueTech™ Board of Directors.
“We have followed the progress of TissueTech™ over a number of years, and we have built a great relationship with the team over that period of time. What management has accomplished with a limited base of external capital has been very impressive, and we look forward to partnering with them to build a world class regenerative medicine company,” says Matt Rice of Ballast Point Ventures, who will also join the TissueTech™ Board.
Founded in 2001 by Amy Tseng, President and CEO, and Dr. Scheffer Tseng, Chairman and Chief Scientific Officer, TissueTech™ Inc is a leader in regenerative amniotic tissue-based products for use in the ophthalmology, optometry, musculoskeletal and wound care markets. The National Institutes of Health (NIH) has supported TissueTech™’s research with more than 25 continuous years of research grants. Since inception, 150,000 human implants have been conducted using the Company’s patented CryoTek® process and 300 peer-reviewed scientific publications have been produced supporting the technology platform. The Company has pioneered the clinical application of human amniotic membrane and its role in stem cell research. The Company’s first product, AmnioGraft® , is the only tissue graft designated by the FDA as homologous for promoting ophthalmic wound healing while suppressing scarring and inflammation.
For further information on TissueTech™ or its products, please visit www.biotissue.com or www.biotissue.com. Please direct inquiries to Amy Tseng, President ([email protected]; 305-412-4430) or Greg Collins, CFO ([email protected]; 305-412-4430).
About Ballast Point Ventures
Ballast Point Ventures is a later stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in the Southeast and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services and consumer. BPV has $200 million under management and seeks to make equity investments ranging in size from $3 million to $10 million. For more information, visit www.ballastpointventures.com.
About River Cities Capital Funds
River Cities invests in market-validated, fast-growing healthcare and information technology companies in the less efficient, lower end of the growth equity market. A consistent, cohesive team has honed this strategy over four prior funds with compelling performance. The experienced team adds value to the marketing, operations and governance of each of its portfolio companies. With over $500 million of capital raised and a consistent track record of entrepreneurial success, River Cities has established itself as a preferred source of growth capital. The Firm, located in Cincinnati, OH and Raleigh, NC, is actively seeking new investments for its fifth fund. For more information, please visit rccf.com.