June, 8th 2015
After winning the Rice Business Plan Competition (RBPC), the largest Business Plan competition worldwide, in April 2014, Medical Adhesive Revolution GmbH (MAR GmbH) received further financing commitment for moving its commercial headquarters to the USA. Representatives of the two major investors, the GOOSE Society of Texas and OWLS, the Rice University Alumni, visited MAR GmbH’s office in Aachen, Germany in July 2014. Three months later the letter of intent was signed in New York when MAR was granted the honor of ringing the NASDAQ closing Bell as part of the RBPC Prize.
In January 2015, Medical Adhesive Revolution Inc. was formed as the new commercialization arm of the MAR Group with its headquarters in the Texas Medical Center accelerator TMCx in Houston. While Medical Adhesive Revolution GmbH is responsible for the successful development, production and certification of the product lines as well as the distribution in Europe, the US company, Medical Adhesive Revolution Inc., will primarily be in charge of the products’ worldwide commercialization.
With the world’s largest medical center, Houston offers a springboard few places can match. Opinion leaders, US-Venture Capital and potential partner companies for product testing, feedback and distribution are easily accessible, which will enable Medical Adhesive Revolution to build a strong network of advisors and supporters to develop the business in the USA. Additionally, market opportunities and the business environment for a medical device technology are ideal, as all major players in the field of medical adhesives are located in the USA.
FDA approval will offer us immediate access to a market of more than 300 million people and it will enable us a parallel market entry into both the US and Europe. This is an important step for Medical Adhesive Revolution”, says MAR-CEO and founder Marius Rosenberg.
With the new investment of over 2.7 million USD in the form of Convertible Notes, both FDA and European regulatory approval will be pursued simultaneously. As a result of the financing round, Medical Adhesive Revolution is financially solid and set up for further expansion as well as further increases in staff.
About the GOOSE Society of Texas:
The GOOSE Society of Texas (Grand Order of Successful Entrepreneurs) is a “by invitation only” group of 11 very successful entrepreneurs and venture capitalists dedicated to funding early stage start-ups and mentoring aspiring entrepreneurs. Ashok Rao, the biggest single investor in the group and Chairman of the Board of MAR Inc. is a serial entrepreneur and former Chairman of TiE, the world’s largest entrepreneurial organization. He is the founder of several successful software and telecommunications companies.
“We the members of the GOOSE Society are truly excited about our investment in MAR,” says Rao. “We believe it is a true game changer for all forms of surgery, and that is why this is the largest single investment GOOSE has made in any of the RBPC winners.”