Tissue Regeneration Systems near to closing on Series B round

Tissue Regeneration Systems is close to announcing its Series B round of fundraising, an infusion of seed capital that is expected to be worth between $2 million and $2.5 million. The nearly 5-year-old medical device start-up is commercializing a skeletal reconstruction and bone regeneration technology. The University of Michigan spin-out is going for initial FDA approvals for its technologies and hopes to score those approvals within the next year. It also has scored a $1 million grant from the National Institute of Health. "We believe that achieving these objectives puts the company in position to raise larger amounts of capital," says Jim Fitzsimmons, president & CEO of Tissue Regeneration Systems. To really build the company we need to raise sufficient capital." The company is predominantly a virtually based firm but has offices in both Ann Arbor and Seattle. It has a team of five employees and the occasional intern. Three members of its team are based in Ann Arbor. Source: Jim Fitzsimmons, president & CEO of Tissue Regeneration Systems Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.