May 26 2010
Biomedical Structures LLC (BMS), a leading supplier of custom-designed biomaterials and textiles used in advanced clinical applications from orthopedics and reconstructive surgery to tissue engineering, announced that it has completed a private equity financing with Ampersand Ventures.
Biomedical Structures has delivered strong and profitable growth since its inception as an independent privately held company in 2003. Ampersand's funding will enable BMS to meet the increasingly complex demands of the medical device industry with expanded capabilities in service, technology platforms, and breakthrough biomaterials. Terms of the transaction were not disclosed.
"Biomedical textiles are integral to the current and next-generation devices of some of the world's largest integrated medical device manufacturers. BMS has done a remarkable job positioning itself as a leader in the field, allowing it to capitalize on the industry's strong growth, particularly in exciting new areas such as tissue engineering," said Ampersand Partner, Todd Rainville. "Ampersand is thrilled to have invested in this promising business, and we look forward to working closely with the BMS management team."
BMS specializes in the design and manufacturing of crafted, nonwoven fibers and biomaterials such as tissue scaffolds and woven vascular grafts for biomedical applications. BMS serves as a key partner to leading device companies to transform concepts into early prototypes, optimize them through development cycles, and ultimately to serve as the contract manufacturer for final products at all volume levels. Customer end products include a range of 510(k) approved, implantable devices, components for surgical procedures, and drug delivery tools.
John Gray, President of BMS, commented, "The Ampersand investment comes at a critical time in our company's development when we are seeing increased demand for our expanding portfolio of products and services. The additional resources will enable us to grow even faster with new personnel, more advanced equipment, and increased manufacturing capacity. Ampersand's investment validates the growth strategy that we have been implementing since our inception, and allows us to focus intently on providing a distinct set of services to our customers."
Mr. Gray added, "I look forward to working with Ampersand partners, Todd Rainville and Herb Hooper, both of whom have joined our board of directors. Their counsel and strong industry relationships will be valuable assets to BMS as we continue to accelerate our longer term growth strategy by driving biomedical textiles into new therapeutic applications."
Source: http://www.bmsri.com/