ANN ARBOR, Mich.--(BUSINESS WIRE)--Allied Minds announced that it has closed an additional $3 million investment in Biotectix, LLC as of at the end of July. Biotectix intends to use this new capital to support ongoing expansion of internal research and external co-development activities while it prepares its novel conductive polymer technology for human use.
“Overall, we have been very pleased with Biotectix’s progress as well as the significant interest in the technology expressed by several key medical device companies,” noted Marc Eichenberger, COO of Allied Minds. “This new investment further demonstrates and solidifies Allied Minds commitment to the long-term success of the company.”
Biotectix was formed based on a novel conductive polymer technology originally developed at the University of Michigan. Recently, the company announced the initiation of good laboratory practice (GLP) preclinical study with a major development partner and an expansion of its workforce in Ann Arbor, MI.
The GLP study represents a continuation of a previously announced strategic research collaboration agreement and was initiated in order to validate the safety and efficacy of an implantable electrostimulation device that serves a $1 billion worldwide market with a projected compound annual growth rate exceeding 20%. The undisclosed partner is a leading manufacturer in this market. “Allied Minds is excited to see this demonstration of confidence in Biotectix and its products,” commented Eichenberger. “All work is based on Biotectix’s proprietary technology and coating methods that improve the performance and biointegration of implantable biomedical devices,” he added.
The study was initiated after in vitro and in vivo testing demonstrated that Biotectix BT DOT coated implants were stable for more than 6 months in vivo and maintained improved electrical conductivity compared to uncoated electrodes, specifically:
Dr. Sarah Richardson-Burns, Director of R&D at Biotectix, was present during the surgical procedures and noted, “The coated samples performed identically to the unmodified devices during implantation, initial tests performed shortly after treatment confirmed the performance gains that we had previously observed. If the devices function as we anticipate, we are hopeful that our partner will initiate first-in human clinical trials within the next 18-24 months.”
Biotectix also recently announced the addition of Dr. James Arps to the Biotectix team. Dr. Arps will assume the responsibilities of General Manager and brings significant experience in the medical device industry. Dr. Arps joined the company in May and brings more than 14 years of experience in the development and commercialization of advanced materials and coating technologies for medical device and related applications.
Prior to his appointment at Biotectix, Dr. Arps held leadership positions at SurModics (NASDAQ:SRDX) as Director of Commercial Drug Delivery Technologies and a Senior Technical Advisor in Product Development. Previously, he directed the startup of the Surface Engineering Program at the Southwest Research Institute, a contract R&D and engineering services organization in San Antonio, TX. He completed his Doctorate in Materials Physics from Vanderbilt University and an M.S. in Management of Technology from the University of Texas.
“I am extremely excited about the opportunity with Biotectix, and look forward to working with the team to drive innovation and create effective partnerships with leading biomedical companies,” said Dr. Arps. “Biotectix’s proprietary conductive polymer technology offers unique benefits for the next generation of electrostimulation and sensing devices in the cardiac, neurology, and auditory fields and I look forward to seeing our work move to the next level in demonstrating clinical benefits.”
Biotectix is developing a new class of conductive polymer materials and coatings for implantable devices and sensors that improve the safety, longevity, reliability, biological integration, and function of implantable biomedical devices. A number of benefits are driven by this platform technology without changing device size, shape, or implant procedure, including improved electrical performance, biocompatibility, and tissue response.
The technology addresses key limitations faced by the medical device industry including foreign body reactions, component stability, and long-term electrical performance in vivo. The materials are custom-designed for the specialized mechanical, electrical, and biological environments of the body, and provide an extremely high level of functional interfacing for medical electrodes.
Biotectix was formed by Allied Minds, a private equity company, based on technology originally developed at the University of Michigan, Ann Arbor. The founders and inventors continue to develop and validate the technology through research, collaborations, and partnerships with leading companies and research institutions.
About Allied Minds
Allied Minds is a U.S. capital investment firm with offices in Boston, Los Angeles and Washington, D.C. With over $200M in assets, the Company creates startup businesses based on early-stage technology developed at renowned U.S. universities and national labs, and serves as a holding company that supports these businesses with capital, management and shared services. Allied Minds is the premier firm to utilize this novel and fully integrated approach to technology investing. The Company’s subsidiary investments span multiple business sectors and offer an attractive risk-return profile, a deliverable timeline and potential products that will be groundbreaking in their respective fields. These subsidiaries include AXI, BA Logix, Biotectix, Cephalogics, CryoXtract, GliaGen, Illumasonix, ProGDerm, Precision Biopsy, Purtein, RF Biocidics, SaltCheck, SiEnergy Systems, SoundCure and Spin Transfer Technologies. For more information, please visit www.alliedminds.com