Biomaterials startup Spiderwort has closed a $3.4 million seed financing round one year after it secured $500,000 in a friends and family funding round, Betakit reports.
Three things to know:
1. The Ottawa, Canada-based company is in the pre-clinical stage of developing a biomaterial that uses plant-derived cellulose to generate "scaffold architectures" for regenerative medicine.
2. Spiderwort's biomaterials demonstrated promise for the treatment of spinal cord injuries and soft tissue regeneration in pre-clinical trials.
3. The company, which recently moved into a biotechnology research facility in Ottawa, plans to use the funding to reach clinical trials.