GreenMark Biomedical Inc. announced that the company raised $830,000 in equity financing in the form of convertible notes in anticipation of a Series A financing in 2022.
Investors participating in the Bridge round include the University of Michigan (U-M) MINTS fund, Michigan State Foundation’s Red Cedar Ventures and Michigan Rise funds, and BlueWater Angels, all of whom previously invested in the company. The round further includes an investment from co-inventor Dr. Brian and his wife Cheryl Clarkson, as well as company management.
“Awesome that GreenMark has begun a soft launch of its LumiCare™ Caries Detection Rinse. Along with its non-invasive treatment products in the works, GreenMark, we think, is positioned to grow and transform non-invasive dentistry, perhaps dentistry itself,” said Mr. Rafael Castilla, Director of Investments and Structuring at U-M MINTS.
“The current standard for detection and noninvasive caries treatment has been suboptimal and does not incorporate advances in scientific understanding of the disease nor take advantage of new technologies,” explains co-investigator Dr. Brian Clarkson, B.Ch.D., L.D.S., M.S., Ph.D., Professor, Department of Cariology, Restorative Sciences & Endodontics at U-M School of Dentistry, one of the co-inventors of the technology.
“This has been a difficult time for startup companies, but GreenMark is navigating this storm and we are pleased to participate with follow-on investment in one of Michigan’s promising young companies,” said Mr. Jeff Wesley, one of GreenMark’s directors and the Executive Director of Red Cedar Ventures, who previously served as President of Accu Bite Dental Supply, which was acquired in 2005 by Patterson Companies, Inc., one of the leading dental distributors in the nation.
“Minimally invasive procedures have dominated Medicine for decades and are preferred by doctors and patients alike, and it’s time we see this more broadly applied in dentistry,” added Mr. Mike Snyder, PE, CSP, CFPS, Executive Vice President for DEKRA Process Safety and member of the BlueWater Angels, who serves as their representative on the GreenMark Board.
“We are very grateful for this ongoing support from our investors during these challenging times, enabling us with the ongoing development, scale-up and clinical validation of our products,” said Dr. Steven Bloembergen, Ph.D., GreenMark’s founder, Chairman and CEO.