BRIJ Medical closed a $5 million financing on November 3 after setting out to raise $3 million. The company's board of directors led the round, and most of the rest came from existing investors. BRIJ sells incision management products to orthopedic, plastic and spine surgeons.
The money goes to selling, not development. BRIJ launched BRIJ-SEAL, a wound closure device with a 14-day bacterial barrier, in July. It expects to launch BRIJ-Ag, a silver-based antimicrobial dressing, later this quarter. Brijjit, its tension offloading tissue bridge, is already selling to surgeons in the US and Canada.
CEO Tim Gleeson said the company "set out to raise $3 million and chose to upsize the round because our investors saw the same opportunity we do." Board chairman John Grotting said the board increased its commitment because BRIJ "is at an important inflection point."
An insider-led round of this size usually means the next institutional check is waiting on commercial numbers rather than on more product.