EAST LANSING, Mich., January 26, 2022 (Newswire.com) - GreenMark Biomedical Inc. announced that the company raised $830,000 in equity financing in the form of convertible notes in anticipation of a Series A financing in 2022.
Investors participating in the Bridge round include the University of Michigan (U-M) MINTS fund, Michigan State Foundation's Red Cedar Ventures and Michigan Rise funds, and BlueWater Angels, all of whom previously invested in the company. The round further includes an investment from co-inventor Dr. Brian and his wife Cheryl Clarkson, as well as company management.
"Awesome that GreenMark has begun a soft launch of its LumiCare™ Caries Detection Rinse. Along with its non-invasive treatment products in the works, GreenMark, we think, is positioned to grow and transform non-invasive dentistry, perhaps dentistry itself," said Mr. Rafael Castilla, Director of Investments and Structuring at U-M MINTS.
"The current standard for detection and noninvasive caries treatment has been suboptimal and does not incorporate advances in scientific understanding of the disease nor take advantage of new technologies," explains co-investigator Dr. Brian Clarkson, B.Ch.D., L.D.S., M.S., Ph.D., Professor, Department of Cariology, Restorative Sciences & Endodontics at U-M School of Dentistry, one of the co-inventors of the technology.
"This has been a difficult time for startup companies, but GreenMark is navigating this storm and we are pleased to participate with follow-on investment in one of Michigan's promising young companies," said Mr. Jeff Wesley, one of GreenMark's directors and the Executive Director of Red Cedar Ventures, who previously served as President of Accu Bite Dental Supply, which was acquired in 2005 by Patterson Companies, Inc., one of the leading dental distributors in the nation.
"Minimally invasive procedures have dominated Medicine for decades and are preferred by doctors and patients alike, and it's time we see this more broadly applied in dentistry," added Mr. Mike Snyder, PE, CSP, CFPS, Executive Vice President for DEKRA Process Safety and member of the BlueWater Angels, who serves as their representative on the GreenMark Board.
"We are very grateful for this ongoing support from our investors during these challenging times, enabling us with the ongoing development, scale-up and clinical validation of our products," said Dr. Steven Bloembergen, Ph.D., GreenMark's founder, Chairman and CEO.
About GreenMark Biomedical Inc.
GreenMark is developing products that involve small sub-micron particles produced from food-grade starch. These particles make an ideal carrier for medical and dental applications, given enzymes in our body and saliva degrade starch. Dental caries is the most prevalent chronic disease in the world, and GreenMark is developing ways to identify and better assess the disease in its early stages, monitor progression and treat it noninvasively or non-surgically. The Company's LumiCare™ Caries Detection Rinse, to be used by dental professionals as part of the routine dental exam, contains fluorescently labeled starch particles that target the porous subsurface of carious lesions in enamel and illuminate them using a dental curing light, thereby aiding in the detection of caries. The identification at early stages before cavitation will allow the use of non-surgical management options, resulting in less discomfort and improved long-term oral health outcomes for patients. GreenMark's team has also demonstrated the ability to load the essential minerals, depleted as a result of tooth decay, directly inside the small starch particles. Unlike fluoride products that seal the tooth's enamel surface, GreenMark's treatment products are being designed to target and restore the enamel subsurface.
GreenMark Biomedical Inc. has an office located at 325 E. Grand River Avenue, Suite 314, East Lansing, MI 48823, and offices & lab facilities at 1600 Huron Parkway, Building 520, Ann Arbor, MI 48109. Contact: email@example.com or 801-899-0710. For more information, visit www.greenmark.bio.
About University of Michigan's MINTS: Michigan Investment in New Technology Startups is a direct investment program in the University of Michigan's endowment managed by its Investment Office. For more information, visit https://www.bf.umich.edu/about/#accordion-643.
About Red Cedar Ventures: Red Cedar Ventures (RCV) is a wholly owned subsidiary of the Michigan State University Foundation. Founded in 2014, RCV is proud to be the first venture fund in Mid-Michigan. RCV's objective is to help accelerate the commercialization of Michigan State University startups and create opportunities for affiliated partners and technologies. Its vision is to be one of the leading Midwestern pre-seed venture funds providing economic impact for the region and the state with new companies, high-paying jobs and value-added partnerships. To date, RCV has deployed approximately $6M dollars in technology startups that have gone on to raise over $250M in outside capital. For more information, visit www.redcedarventures.com.
About Michigan Rise: Michigan Rise is a wholly owned subsidiary of the Michigan State University Foundation. Founded in 2020, Michigan Rise Pre-Seed Fund III invests in early-stage high-tech businesses located in Michigan. Michigan Rise Pre-Seed Fund III is made possible through funding of the Michigan Economic Development Corporation and the Michigan State Foundation. For more information, visit www.michiganrise.com.
About BlueWater Angels: BlueWater Angels (BWA) is an angel investing group based in the Midland-Saginaw-Bay City region. It was established in 2008 and to date has invested more than $18 million in startup companies. BWA is a member of the Michigan Capital Network (MCN), the state's largest association of regional angel investing groups. MCN and BWA specialize in supporting capital-efficient, early-stage enterprises. They are committed to utilizing their financial, intellectual and networking resources to help their portfolio companies grow and positively impact the Michigan economy. For more information, visit https://michigancapitalnetwork.com/.
Source: GreenMark Biomedical Inc.