Allied Minds Injects $3 Million Into Ann Arbor-based Biotectix to Support Conductive Polymer Technology for Implantable Medical Devices
Allied Minds, which makes seed investments in technology developed at universities and national labs, said yesterday it has invested $3 million in Ann Arbor, MI-based Biotectix to advance research and development of its novel conductive polymer technology.
The company, which was formed out of the University of Michigan, is working on polymer materials and coatings designed to improve how the body interacts with implantable medical devices. It recently added staff in Ann Arbor, including medical device veteran James Arps, who joined as vice president and general manager.
Biotectix also recently launched a preclinical “good laboratory practice” study, to verify the safety and effectiveness of an implantable electrostimulation device. The study is part of a research collaboration with a major development partner, which was only identified as a major player in the implantable device space.
The polymer materials from Biotectix are being developed to improve how implantable devices interact with the body and tissues, over time, such as by enhancing stability and preventing foreign body reactions to the devices. Previous tests revealed that devices coated with the polymers showed improved performance over untreated samples, said Biotectix director of research and development Sarah Richardson-Burns in the Allied Minds announcement. She also said the company expects its development partner to initiate the first human clinical trials within the next 18 to 24 months.
Allied Minds has offices in Boston, Los Angeles, and Washington, DC, and acts as a holding company for the technologies it invests in, offering capital, management, and shared services. It first backed Biotectix in February 2009, alongside Ann Arbor Spark, which invested through its Michigan Pre-Seed Capital Fund