GreenMark Biomedical announced that it secured $670,000 equity funding, completing a $1.2 million Series Seed Preferred Stock round to further develop and commercialize its patented nanoparticle-based dental technology.
The University of Michigan’s MINTS program, Invest Michigan and Red Cedar Ventures investments follow earlier funding from Blue Water Angels, Western Michigan University’s BRCC and Invest Detroit Ventures.
GreenMark’s products, which are being developed by GreenMark with collaborators at the University of Michigan, quickly identify early dental “pre-cavities” that can be treated non-invasively to prevent the formation of cavities. The technology utilizes bioresorbable starch-based nanoparticles which degrade into harmless materials by the time the patient is ready to leave the dental office.
“Our MINTS program is pleased to join the shareholders of GreenMark Biomedical, a company with many close ties to the University of Michigan,” said Rafael Castilla, director of investments. “We are excited by the potential of the technology as well as with GreenMark’s multi-disciplinary team of recognized experts in medicine, dentistry, biomaterials, manufacturing, finance and business development.”
“These targeted diagnostic and treatment products can have major implications for dental patients by preventing cavity formation at the onset through identification and non-surgical treatment, reducing the need for invasive and costly dental procedures,” said Charlie Moret, chairman and CEO, Invest Michigan. “GreenMark has the team and technology to improve oral health outcomes for patients,” explained Patricia Glaza, SVP and managing director, Invest Detroit Ventures. Jeff Wesley, executive director, Red Cedar Ventures, added, “The technology and business development is being led by a proven entrepreneur and represents an exciting opportunity for dentists and patients alike.”
In addition to its investor funding, GreenMark is leveraging state and federal funding, including two MCRN Small Company Innovation Program grants, a Business Accelerator Fund grant from the Michigan Small Business Development Corporation, a Small Business Innovative Research grant from National Institutes of Health (NIH) for its dental diagnostic products and a second NIH grant from the National Institute of Dental and Craniofacial Research (NIDCR), through the Michigan-Pittsburgh-Wyss Regenerative Medicine Resource Center, for its dental treatment products.
Source: Company Press Release