Ottawa, Canada-based biomaterials startup Spiderwort closed a $500,000 oversubscribed friends and family funding round, reports BetaKit.
1. Spiderwort is in the pre-clinical stage of developing a biomaterial that uses plant-derived cellulose to generate "scaffold architectures" for regenerative medicine.
2. The company's biomaterials have shown promise in the treatment of spinal cord injuries and soft tissue regeneration in pre-clinical trials.
3. Spiderwort seeks to raise a round of Seed funding, complete further pre-clinical testing and achieve regulatory approvals to move towards commercialization of the technology.