Western New York Impact Investment Fund Invests $500,000 in Garwood Medical Devices, LLC

10.10.19

BUFFALO, N.Y. – The Western New York Impact Investment Fund announced today it invested $500,000 in Garwood Medical Devices, LLC. Garwood Medical Devices, based in Buffalo, N.Y., uses groundbreaking technologies to create and bring to market medical devices that reduce infection and promote wound healing after joint replacement surgery. The Fund’s investment makes it one of the investment leaders in Garwood Medical Devices’ recent round of financing.

“The Western New York Impact Investment Fund is pleased to announce our partnership with Garwood Medical Devices, which is revolutionizing implant infection control with its cutting-edge technology,” said Thomas P. Quinn, Chief Executive Officer, Western New York Impact Investment Fund. “Garwood Medical Devices’ new BioPrax™ device promises an unprecedented improvement in treating implant biofilm infections. This means better health and well-being for knee and hip replacement patients in our region and around the world and dramatically lower medical costs. It also will result in the creation of manufacturing jobs in Western New York,” he added.

Through an exclusive licensing agreement, Garwood Medical Devices uses patented electrical stimulation technology developed at UB’s Department of Biomedical Engineering in its BioPrax™ biofilm disruption device. BioPrax™ creates a localized reaction at the site of a joint replacement to disrupt biofilms and antibiotic-resistant bacteria that can grow and cause catastrophic infection. Garwood Medical Devices is also developing a revolutionary integrated circuit pH sensor and EnerAid™, an electronic, smart bandage, which accelerates wound healing. Programmed by a physician, EnerAid™ can report in real-time the efficacy of a patient’s treatment.

“It is an uplifting experience working alongside our incredibly talented team of scientists and engineers, laser-focused on getting BioPrax™ to market,” said Wayne Bacon, President and Chief Executive Officer of Garwood Medical Devices. “We very much appreciate the support of the WNY Impact Investment Fund – investing in Garwood because we share the same vision: prevent suffering, reduce healthcare costs, create great jobs in Buffalo. We’re well on our way.”

Garwood Medical Devices continues to work closely with both the UB Departments of Biomedical Engineering and Orthopaedics under the leadership of Mark Ehrensberger, Ph.D., who led the research of this first-of-its kind electrical stimulation technology.

I am very encouraged to see how this technology has progressed from the initial idea development to the current robust commercialization effort being spearheaded by Garwood Medical Devices. The support of the WNY Impact Investment Fund will provide critical resources to enable this important technology to be brought to market and reduce the medical and societal burden of orthopedic implant-associated infections,” said Mark Ehrensberger, Ph.D., UB Department of Biomedical Engineering.

The Western New York Impact Investment Fund’s investment in Garwood Medical Devices marks the Fund’s sixth investment in less than 18 months. The Fund has deployed three and a half million dollars in capital to area businesses and organizations with promising market potential and positive social impact that are uniquely positioned to build upon the economic resurgence currently taking place in Western New York.

Recently, the Western New York Impact Investment Fund announced its partnership with SomaDetect, Inc., a developer and manufacturer of sensor equipment for dairy farmers, and Ru’s Pierogi, a manufacturer and distributor of specialty pierogi based on the Lower West Side of Buffalo, N.Y. Previously, the Fund made significant investments in CleanFiber Buffalo, LLC (CleanFiber), a high-quality cellulose insulation company based in Blasdell, N.Y., EcoVerde Organics, LLC, a Western New York soil amendment company and Viridi Parente, a renewable energy company on Buffalo’s East Side.

ABOUT THE WESTERN NEW YORK IMPACT INVESTMENT FUND: The Western New York Impact Investment Fund launched in August 2017, as an innovative for-profit investment fund comprised of corporate, private and philanthropic investors. The investors have committed to providing a new source of funding for socially responsible businesses and organizations located in the eight counties of Western New York while seeking a market rate return on their investment. For more information, visit www.wnyimpact.com.