SAN ANTONIO, Texas, June 15, 2021 /PRNewswire-PRWeb/ -- Renovo Concepts, Inc., an early-stage medical device company based in San Antonio, Texas, today announced the completion of its Series A preferred stock fundraising round. The round was oversubscribed, as the company raised approximately $6.4 million in new money on a stated $6 million offering. Proceeds from this funding round are being used primarily to fund completion of product development, initial manufacturing and the First-In-Human (safety) clinical trial associated with its Mechanical Tissue Resuscitation (MTRTM) device, for use in the treatment of Traumatic Brain Injury, the first application for this platform technology.
"We're pleased to complete this first funding round with such strong interest," said Mark Standeford, Chief Executive Officer of Renovo. "We've added new investors locally, as well as from nine other states, and we have a promising list of additional investors wanting to participate in future funding rounds. We are now manufacturing our product in San Antonio, and we look forward to beginning our First-In-Human clinical trial in the coming months."
About MTR – Developed and researched at the Wake Forest School of Medicine by Dr. Louis Argenta, MD and Michael Morykwas, Ph.D., Mechanical Tissue Resuscitation (MTRTM) has shown promising results treating traumatic, ischemic and hemorrhagic injuries to the brain, heart and spinal cord. The MTRTM patent estate has been licensed exclusively to Renovo by Wake Forest for use in each of the above-described areas. Renovo was formed in 2017 to develop and commercialize this platform technology.
Blithe Wiley, Blithe Wiley Communications, +1 (210) 863-9302, Blithewiley3@gmail.com
Blithe Wiley, Blithe Wiley Communications, 2108639302, Blithewiley3@gmail.com
SOURCE Renovo Concepts, Inc.