Investment supports development of promising biosynthetic nerve repair technology, NeuroShieldTM
ROOT, SWITZERLAND / ACCESSWIRE / September 28, 2020 / Monarch Bioimplants, a biomedical implant development firm responsible for creating a revolutionary chitosan membrane for peripheral nerve repair, today announced a three-year, €20 million (approximately USD $23 million) share subscription and drawdown agreement with GEM Global Yield LLC SCS, part of the Global Emerging Markets group. Under the agreement, GEM will purchase common shares from Monarch.
As part of the share subscription and drawdown agreement, GEM has agreed to provide Monarch Bioimplants with capital over a period of 36 months, commencing with a potential future public offering of Monarch Bioimplants common stock.
Monarch Bioimplants will use the funds to bring to market its revolutionary NeuroShield™, an FDA-cleared biosynthetic peripheral nerve regeneration technology designed from naturally occurring chitosan. NeuroShield™ has already been introduced in the Middle East and Africa with signed distribution agreements in Israel and South Africa. The funds will expand distribution to the U.S., Europe, Australia, and Chinese markets.
Nerve injuries can lead to long term effects including numbness, loss of movement, and impotence. The NeuroShield™ is surgically placed over the damaged nerve to provide protection and connection as the nerve heals, preventing further nerve damage and accelerating recovery. A polysaccharide widely used in biomedical applications, chitosan is fully absorbed by the surrounding tissue with no side effects.
"We at Monarch are extremely excited with this new investment as GEM is providing the financial means that we need to bring our outstanding technology to every patient," says Dr. Rivelino Montenegro, CEO of Monarch Bioimplants. "Nerve damage causes physical and emotional pain for patients and relatives. GEM's investment provides a solid foundation for paving the way for our technology to become standard of care and improve lives."
Fast Track Ventures is the primary investor in Monarch Bioimplants. The agreement with GEM supports the investment company's goal of bringing Monarch Bioimplants into successful public listing and subsequent worldwide distribution.
Global Emerging Markets is a $3.4 billion, alternative investment group with operations in Paris, New York, and Los Angeles. GEM manages a diverse set of investment vehicles focused on emerging markets that provide the group and its investors with a diversified portfolio of asset classes that span the global private investing spectrum. Each investment vehicle has a different degree of operational control, risk-adjusted return, and liquidity profile. The family of funds and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities and select venture investments. For more information: http://www.gemny.com.
About Monarch Bioimplants
Monarch Bioimplants is a biomedical implant development firm specializing in chitosan-based bioimplants. Chitosan provides several advantages over other implantable biomaterials for nerve regeneration and tissue engineering. Monarch Bioimplants has developed NeuroShield™, a chitosan biodegradable membrane for the repair of peripheral nerve injuries.
This release may contain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995 or by the SEC in its rules, regulations, and releases. These forward-looking statements include, among other things, statements of plans, objectives, expectations, or intentions. Forward-looking statements involve risks, uncertainties and assumptions and actual results may differ materially from those expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements in this communication. We do not have any intention or obligation to update forward-looking statements after the date of this communication, except as required by law.
Dr. Rivelino Montenegro, CEO
Aude Planche, Partner
SOURCE: Fast Track Ventures