And the first round goes to Accord Biomaterials. The Ann Arbor-based firm that makes coatings for medical devices has raised $1 million in venture capital to develop its newest product.
The financing is provided by a number of local venture capital firms, including Arboretum Ventures, Sigvion Capital and the University of Michigan’s Wolverine Venture Fund. The money will help Accord Biomaterials, which works closely with the University of Michigan and MC3 Corp., advance its Nogen nitric oxide technology, which improves the biocompatibility of medical devices.
"We are excited about the timely product development potential and expanded expertise that this investment brings to Accord," says Scott Merz, the interim president of Accord Biomaterials. "With these resources, our technology can now be focused to solve specific problems related to clotting or healing encountered with critical medical devices."
The idea behind the technology is that it will help eliminate complications for clotting and healing that come with use of medical devices. Specifically the Nogen biomaterial triggers the body to generate nitric oxide at the device surface by using naturally circulating blood substances.
"The importance of medical device coatings and their impact on health care is gaining broader recognition," says Tim Petersen, managing director of Arboretum Ventures. "We are thrilled that Accord is here in Ann Arbor, demonstrating the talent and potential in this region."
Source: Accord Biomaterials
Writer: Jon Zemke
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