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In all, the Boulder-based company plans to raise $2.31 million in all in the latest funding round, according to the federal regulatory document. Company co-founder and president Marty Stanton did not immediately return a call requesting comment.
Mosaic makes a water-soluble gel that can be used to fill and heal wounds. The gel currently is going through testing required to receive U.S. Food and Drug Administration approval. It’s made of polyethylene glycol, which also is used in cosmetics, drugs and food additives in the United States.
Stanton co-founded the company in 2009 with research colleagues at the University of Colorado-Boulder, including Pete Mariner, Kristi Anseth and Chris Bowman. The company licensed the gel substance for an undisclosed sum from Anseth’s research lab at CU-Boulder, where it was developed over a period of five years.
The gel substance has biophysical and biochemical properties that support a patient’s tissue structure. As a wound heals, the gel is taken over by healthy cells and dissolves into the body over a two-week period, according to Mariner.
The tissue-regeneration substance also can be used in bone regeneration and cartilage repair. It can be used on patients with bed sores, or as stem-cell therapy.
Stanton previously raised $1.3 million in venture capital funding in 2011. Well-known bioscience venture capital firms HealthCare Ventures in Cambridge, Massachusetts, Morganthaler Ventures in Menlo Park, California, with an office in Boulder, High Country Ventures in Boulder and Ganot Capital LLC in Hollywood, Florida, have all put money into the company in the past.