Grand Rapids, Mich., January 10th, 2023 — cultivate(MD) Capital Funds LP, funds that are focused on investments into early-stage healthcare companies with innovative technologies, announced today that one of their portfolio companies, Norfolk, VA-based Embody, Inc., a privately held medical device company focused on soft tissue healing, has reached an agreement with Zimmer Biomet Holdings, Inc., a global leader in medical technology, to be acquired. The terms of the acquisition include $155 million at closing and up to an additional $120 million based on achieving future milestones over the next three years.
Embody has pioneered a next generation regenerative platform with novel collagen-based bio-fabrication techniques and products for the fast-growing sports medicine market, including rotator cuff repair, foot & ankle, and knee. The acquisition includes Embody’s complete portfolio of collagen-based biointegrative solutions.
R. Sean Churchill, MD, MBA, Executive Director, Genesis Innovation Group and Director of cultivate(MD) Venture Funds said, “cultivate(MD) is proud to have been an investor in Embody since 2018. Embody’s Founder and CEO, Jeff Conroy, and his team have produced a world class set of products that will help physicians optimally treat countless musculoskeletal soft tissue injuries. The acquisition by Zimmer Biomet is ideal. Zimmer Biomet is uniquely positioned to offer this technology to the world.”
Rob Ball, Director, Genesis Innovation Group and Director, cultivate(MD) Capital Funds said, “Embody has developed excellent solutions for ongoing problems in orthopedics. The Genesis Innovation Group and cultivate(MD) teams were proud to have been able to be a part of it and we congratulate the team’s success.”
The transaction is subject to customary closing conditions and is expected to be completed in February 2023.
Embody, the soft tissue healing company, is pioneering the next generation regenerative platform with novel collagen-based bio-fabrication techniques and products for the fast-growing sports medicine market. The global market for sports medicine products is expected to reach $11 billion by 2028. Embody’s products focus on the most pressing patient needs: the repair of serious tendon and ligament injuries and are developed in close collaboration with some of the most advanced clinical thought leaders. Founded in 2014 and funded more than $23 million in Defense Advanced Research Projects Agency and Department of Defense funding, the company is developing unique biomaterials with an initial focus on orthopedic applications including foot & ankle, rotator cuff and knee ligament. For more information visit www.embody-inc.com
About cultivate(MD) Capital Funds
As a medical device venture capital fund, cultivate(MD) is dedicated to bringing emerging health care innovations to market, with a special focus on medical device and orthopedic technologies. cultivate(MD) is focused on investing in early-stage healthcare companies with innovative technologies that have demonstrated evidence of effectiveness. For more information, visit: https://genesisinnovationgroup.com/
This press release does not constitute an offer to sell or solicitation of an offer to buy any securities in any offering of securities. There will not be any sale of any securities in any state or jurisdiction in which such offering, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Certain statements in this press release constitute forward-looking statements. When used in this press release, the words “will,” “anticipate,” and similar expressions or the negatives thereof are generally intended to identify forward-looking statements. Such forward-looking statements, including the intended actions and performance objectives of the fund, its general partner, cultivate(MD), or any cultivate(MD) portfolio company referenced herein, involve known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance, or achievements of the general partner, or any cultivate(MD) fund or portfolio company to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. No representation or warranty is made as to future performance or such forward-looking statements. All forward-looking statements in this press release speak only as of the date hereof. The fund, its general partner, and cultivate(MD) expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectation with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.
Genesis Innovation Group