For Immediate Release
SweetBio Raises $1 Million Series Seed Equity Financing
Biotech startup raises $1 million to develop medical grade Manuka honey dental product
MEMPHIS, Tennessee – December 3, 2015 – SweetBio, Inc., a medical device startup specializing in wound healing biomaterials and focusing in dental, announced this week a raise of $900,000 equity financing to support FDA 510(k) clearance and commercialization of the SweetBio GTR (Guided Tissue Regeneration) Membrane. SweetBio equity financing totals more than $1 million raised in 6 months. From May through August 2015, SweetBio participated in the Memphis Bioworks Foundation’s ZeroTo510 Medical Device Accelerator that provided $100,000 in equity financing and services.
Investors in the round included previous investors Innova, a pre-seed, seed and early-stage investor focused on starting and funding high-growth companies in the Biosciences, Technology and AgriTech fields, and MB Venture Partners, a venture capital firm that provides capital and strategic direction to life sciences companies. Terms of the financing were not disclosed.
“The SweetBio team represents the best of the Memphis entrepreneurial ecosystem and the ZeroTo510 program in particular,” said Mike Sherman, partner at MB Venture Partners “We are excited to continue supporting their efforts to bring their Manuka honey membrane technology to the periodontal market.”
“We believe the general market trend for more natural products and solutions is quickly spreading to the healthcare field, and SweetBio's products are timed perfectly to take full advantage of this trend,” said Jan Bouten, partner at Innova. “On top of the great business opportunity, we're thrilled ZeroTo510 was able to attract such a great team to Memphis to build their company here.”
“The team’s very thorough research and documentation, and the potential benefit of this guided tissue membrane to the dental profession, is phenomenal,” said former ADA (American Dental Association) president Raymond Gist, DDS PC.
By the year 2027, 200 million Americans will suffer from partial tooth loss. Without proper treatment, bacteria growth may cause oral infections, which can serve as a gateway to diabetes, heart and lung disease, and even death. Oral surgeons try to reduce these risks by installing a membrane as a barrier to allow the bone and the gums to heal before placing an implant. Current products are difficult to handle and often fail, reversing the healing process, encouraging infection and causing additional surgeries. SweetBio has created a patent-pending dissolvable membrane that uses our “sweet” ingredient -- honey -- to encourage healing and produce better outcomes. While currently used in hospitals to treat ulcers and burns, SweetBio is the first company to leverage this naturally antibacterial and wound-healing ingredient in oral procedures. Although our product is still in development, our research to date indicates the SweetBio membrane will provide the predictability and superior results that oral surgeons and dentists seek and will improve outcomes for the patient.
SweetBio is a Memphis-based biotech startup that specializes in technologies that advance the wound-healing process. Their first product is a resorbable guided tissue/bone regeneration membrane used in oral surgeries that uniquely utilizes the encapsulation and slow release of medical grade Manuka honey from a gelatin-nanoparticle base with the intention to increase gingival healing and decrease bacteria colonization. Based on 3 years of in vitro development that derived from a surgeon's clinical need for better solutions, SweetBio completed the highly regarded ZeroTo510 medical device accelerator through Bioworks, has raised over $1 million to date. Operationally, SweetBio has clearly defined their specific FDA 510(k) regulatory path, reimbursement path, and currently has manufactured prototypes in testing.
SweetBio's vision is to "revolutionize healing because the world deserves to smile" and is currently led by co-founders CEO - Isaac Rodriguez, PhD; COO - Kayla Rodriguez, MBA; CMO - Marsalas Whitaker, serial biotech entrepreneur; and CFO - Kevin Graff, MBA, CPA in Memphis, Tennessee. SweetBio is located in Memphis, Tennessee and at www.sweetbio.com.
Headquarters: 20 Dudley Street, Suite 900, Memphis, TN 38103
For more information contact: