Herndon, Virginia, Aug. 28, 2018 (GLOBE NEWSWIRE) — The Center for Innovative Technology (CIT) announced today that CIT GAP Funds has invested in Embody, a Norfolk, Virginia based medical device company developing collagen-based products for the treatment of tendon and ligament injuries. The 757 Angels led this investment in Embody’s convertible debt round, alongside CIT and individual investors.
Over two million patients are affected by soft tissue injuries annually in the United States. Embody’s mission is to improve the standard of care for these traumatic and sports injury patients by providing products that promote faster healing and restore pre-injury performance. Embody has been funded with $12 million from the Defense Advanced Research Projects Agency (DARPA) based on the need to advance the treatment standards for warfighters and veterans.
“Biotechnology, specifically the area of regenerative medicine, deserves a spotlight in 2018,” said Thomas Weithman, Managing Director of CIT GAP Funds and Chief Investment Officer at MACH37. “This industry is ripe with innovation that has the potential to significantly improve the lives of patients. We were drawn to the experience of the Embody team and their strong relationships with DARPA, the University of Virginia, Old Dominion University, Virginia’s CATALYST and 757 Angels. “
“Embody is creating a new standard of care for sports medicine patients by leveraging biomaterials and advanced manufacturing technologies to create products to accelerate rehabilitation,” said Jeff Conroy, CEO of Embody. “Thanks to the support of CIT and 757 Angels, we will launch our first product following FDA 510(k) clearance in 2019. 757 Angels is a major catalyst of entrepreneurship in the Hampton Roads region and has been critical to the success of Embody.”
Together with partners, CIT GAP Funds is able to provide an expanded pool of investment opportunities and capital support services than might otherwise not be available to targeted companies. Co-investing in Embody with 757 Angels, who, like CIT aims to grow and diversify the economy by supporting promising new and early stage companies, paves the way for future collaboration and supports regionally-based innovation initiatives such as increased investment opportunities for Virginia-based entrepreneurs traditionally underrepresented in venture capital.
Monique Sury Adams, Executive Director of 757 Angels, adds, “Virginia had one of the slowest growth rates in the country back in 2013, and our mission is to develop implementable initiatives that lead to a stronger and more supportive entrepreneurial environment. Working with CIT is a great opportunity to help more entrepreneurs build their business based on tried and true strategies and sound investments, and continue to grow business in the Hampton Roads area. 757 Angels is proud to add Embody to our list of investments!”
CIT GAP Funds, a family of funds placing equity investments in Virginia-based technology, life science, and cleantech companies, has invested in over 200 high-potential, early-stage companies likely to achieve rapid growth and generate significant economic return. Since it’s 2005 formation, CIT GAP Funds has infused an additional $600M+ of private placements onto the balance sheets of portfolio companies. Funds have come from over 900 different investment sources, with 80 percent including out-of-state and blue-chip funding sources from across the U.S. For more information, please visit https://www.cit.org/.
