Imbed Biosciences, a medical device company that is developing advanced therapies for soft tissue repair, has closed a $2 million Series A funding round, the company announced recently.

According to a release, the funding will be used to commercialize the company’s FDA-cleared MicroLyte Ag Antimicrobial Matrix used for the management of chronic ulcers, burns and surgical wounds.

“Thousands of patients with a variety of chronic wounds have already been successfully treated with MicroLyte Ag Matrix, which is now available on the formulary of several hospital systems and is reimbursed by Medicare Part B,” Imbed CEO Ankit Agarwal said in a statement. “With this new funding, we will be building up our product distribution channels to expand our reach throughout the United States.”

The round was led by Formidable Asset Management.

Imbed Biosciences also announced that Elizabeth B. Taylor joined its board of directors.