Embody, Inc., a privately-held medical device company focused on soft tissue healing, announced today that it has secured $11.5 million in an oversubscribed equity financing and entered into a debt financing agreement led by Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon”) to provide up to $9 million in term loans, of which an initial $5 million has been funded, for a total of $20.5 million in available funds. The funding will support the support the commercialization of Tapestry Biointegrative Implant, the launch of the Tapestry RCR system and post-market clinical studies of the Tapestry platform.
“We are pleased to have the support of our existing and new investors and to partner with Horizon, a leading venture debt provider that has an extensive history of supporting innovative life science companies,” said Jeff Conroy, Chief Executive Officer of Embody. “Through the second half of 2021 and early 2022, we anticipate a number of important milestones in the commercial expansion of our Tapestry platform. This transaction immediately strengthens and extends our financial resources to advance our position in the market with the launch of Tapestry RCR for arthroscopic rotator cuff and our clinical pipeline.”
“We are delighted to provide this financing to Embody and have confidence in the Company’s technology and business strategy,” said Gerald A. Michaud, President of Horizon. “We look forward to the Company reaching its critical milestones for its novel collagen technology platforms for soft tissue healing in sports medicine where there is a scarcity of technologies addressing the unmet needs of shoulder, knee, and foot & ankle injuries.”