A local biotech company just gained a major boost.
Triad Life Sciences, which seeks to help treat surgical wounds, chronic stalled wounds, and burns, has just completed a $25 million funding round, much of which came via an overseas connection.
Triad received heavy support from Australian institutional investors, and it’s set to move forward with a listing on the Australian Securities Exchange (ASX) in the coming months. The additional funding will also help the company expand its U.S. sales force, bolster research and development activities, and support general working capital needs.
"I was pleased to see the strong support from Australian investors and look forward to working toward an ASX listing in the coming months,” CEO Russ Olsen said in a press release. "The funds allow Triad to … bring new products forward, allowing patients, providers, and clinicians access to its life-improving technology platform, Innovamatrix."
Innovamatrix is the company’s placental wound care device, and according to the company’s website, it’s the first placenta-derived medical device cleared by the U.S. Food and Drug Administration (FDA) for wound management. The product looks to take advantage of the natural benefits of placenta, with potential uses including the treatment of partial and full-thickness wounds, trauma wounds, draining wounds, surgical wounds, as well as venous, pressure, and diabetic ulcers.
Triad’s leadership team also comes with a significant amount of experience in their field Olsen, for example, has previously been CEO of biotechnology company BioD LLC; president of North America for the international dental equipment company Straumann AG, and VP of sales and marketing for Smith & Nephew.
The group has a strong local presence, too. COO Donna Best; chief manufacturing officer Jon Hargis; VP of quality and regulatory affairs Bill Willis; and director of human resources Dessia Nichols all have degrees from the University of Memphis.
