A Winston-Salem biotechnology company focused on regenerative medicine has raised $12 million from investors.
Precise Bio says the money will be used to fund development and other operating expenses, according to a filing Wednesday with the Securities and Exchange Commission.
The company’s filing indicated that it would like to raise an additional $13 million, and that the money that it did raise came from eight investors.
Precise Bio has developed a 4D bio-fabricating platform that overcomes limitations of existing extrusion and ink-jet printers and paves the way for fabricating clinically viable tissues and organs.
Its initial product pipeline is focused on ophthalmology and includes three products: two cornea products that are developed in collaboration with Carl Zeiss Meditec and a retinal implant for age-related macular degeneration, all of which demonstrated successful results in animal models. Germany-based Carl Zeiss Meditec is an investor in the company.
The bioprinting market in terms of revenue was estimated to be worth $1.3 billion in 2022 and is poised to reach $3.3 billion by 2027, growing at an annual rate of 20.8% from 2022 to 2027 according to a report published by MarketsandMarkets.
Aryeh Batt is the company’s chief executive officer and one of its co-founders. He developed the printing technology. He served as vice president of business and director of corporate research and development at Orbotech and chief technology officer, vice president of business development and vice president of research and development at MangoDSP, a leading developer in signal processing.
The other two co-founders are two Wake Forest University academics.
Tony Atala is the W.H. Boyce Professor and director of the Wake Forest Institute for Regenerative Medicine. He is recognized as a worldwide leader in regenerative medicine and its translation into clinical practice.
Shay Soker is professor of regenerative medicine and biomedical engineering at the Wake Forest School of Medicine. He is a world-renown expert in molecular and cellular biology, and natural biomaterials, with extensive experience in tissue and organ engineering.
Precise Bio also has an office in Modi’in, Israel.