Buffalo Business First I Dan Miner
Garwood Medical Devices is closing in on a $3.6 million Series A round from private investors in Buffalo’s business and medical communities.
The downtown Buffalo biomedical company has already closed on $2 million of that round and is currently finalizing another $1 million. CEO Wayne Bacon said he doesn’t expect a problem having a fully subscribed round by September.
The company is a 43North semifinalist and is in the Start-Up NY tax breaks program. It also signed a contract earlier this summer with the University at Buffalo’s “Buffalo Institute for Genomics and Data Analytics (BIG),” by which the company will receive $1.48 million and is committed to creating 40 jobs within five years.
Garwood was founded by Bacon in 2014 and has closed ties to the University at Buffalo, with three patents licensed exclusively from the university and three more developed independently.
Its core innovation is a technology that can sense infections and then report that data to both doctors and to a bioinformatic software package, producing highly valuable data on infections and their subsequent treatment. The company is working on two products:
• A wound care bandage that will likely take between 18 months and two years to fully commercialize. Garwood is exploring whether it can manufacture and market the product on its own or must license it to a bigger company.