Monarch Bioimplants Secures €20 Million from GEM Global Yield LLC
Monarch Bioimplants, a biomedical implant development firm responsible for creating a revolutionary
chitosan membrane for peripheral nerve repair, today announced a three-year, €20 million (approximately USD $23 million) share subscription and drawdown agreement with GEM Global Yield LLC SCS, part of the Global Emerging Markets group. Under the agreement, GEM will purchase common shares from Monarch.
As part of the share subscription and drawdown agreement, GEM has agreed to provide Monarch Bioimplants with capital over a period of 36 months, commencing with a potential future public offering of Monarch Bioimplants common stock.
Monarch Bioimplants will use the funds to bring to market its revolutionary NeuroShieldTM, an FDA- cleared biosynthetic peripheral nerve regeneration technology designed from naturally occurring chitosan.
NeuroShieldTM has already been introduced in the Middle East and Africa with signed distribution agreements in Israel and South Africa. The funds will expand distribution to the U.S., Europe, Australia, and Chinese markets.
Nerve injuries can lead to long term effects including numbness, loss of movement, and impotence. The NeuroShieldTM is surgically placed over the damaged nerve to provide protection and connection as the nerve heals, preventing further nerve damage and accelerating recovery. A polysaccharide widely used in biomedical applications, chitosan is fully absorbed by the surrounding tissue with no side effects.
"We at Monarch are extremely excited with this new investment as GEM is providing the financial
means that we need to bring our outstanding technology to every patient," says Dr. Rivelino Montenegro, CEO of Monarch Bioimplants. "Nerve damage causes physical and emotional pain for patients and relatives. GEM's investment provides a solid foundation for paving the way for our technology to become standard of care and improve lives."
Fast Track Ventures is the primary investor in Monarch Bioimplants. The agreement with GEM supports the investment company's goal of bringing Monarch Bioimplants into successful public listing and subsequent worldwide distribution.