A Plymouth-based medical device company, which develops technology to help treat wounds and strengthen soft tissue, has raised just over $13 million.
Reprise Biomedical Inc., which spun off from Eden Prairie-based Miromatrix Medical Inc. in 2019, secured the funds through equity financing from 55 investors, according to a recent securities filing.
A part of that funding round included $7 million in previously secured convertible notes that turned into equity shares, CEO Carrie Powers told the Business Journal. The round closed in December, while Reprise will look to secure at least an additional $2 million this month, she added.
The funds will be used to make hires and grow its manufacturing and inventory capabilities, Powers said.
Reprise’s portfolio of products includes Miroderm and Miromesh, which were both initially developed using Miromatrix’s perfusion decellularization process. Reprise has a license to use that process, which involves stripping cells from pig organs to create a scaffold that can be used to develop such medical devices, the Business Journal reported.
In October, Reprise announced the commercial launch of another product, Miro3D, which can be used to treat deep and tunneling wounds. "We believe that the novelty of what we can do with this technology is going to put us in a good competitive position in the surgical wound care space, Powers said.
The company’s goal is to be cashflow positive by early 2024, she said.
Reprise currently has 25 employees, a majority of whom are based in Minnesota.
As part of its spinoff from Miromatrix (NASDAQ: MIRO), Reprise secured $12.5 million in equity financing in 2019. Miromatrix previously owned a stake in Reprise, but no longer does, Powers said, after the company went public in 2021.
