big moves

Houston health care company raises $100M and plans to IPO

This innovative health care company has announced some big moves. Photo via Fibrobiologics.com

A clinical stage therapeutic company has made some big moves — with an even bigger one on the horizon.

FibroBiologics, which is developing fibroblast-based therapeutic cures for chronic diseases, announced $100 million in fresh funding resulting from an agreement with GEM Global Yield LLC SCS, a private investment group, with offices in New York and Paris. The funds will be distributed over a 36-month term following a public listing of FibroBiologics common stock.

According to a news release, "FibroBiologics will control the timing and maximum amount of the drawdown under this facility and has no minimum drawdown obligation." The IPO could include acquisition via SPAC.

"This Agreement with GEM helps secure additional funding to further develop cell therapy cures in Multiple Sclerosis, Degenerative Disc Disease and Cancer using fibroblast cells," says Pete O'Heeron, CEO and chairman of FibroBiologics, in the release. "This Agreement provides for a strong balance sheet upon public listing and positions FibroBiologics for the next stage of commercial development to deliver life-changing abatement for patients with incurable chronic diseases."

Founded earlier this year, FibroBiologics offices in Southeast Houston adjacent to the University of Houston-Clear Lake campus, where O'Heeron completed his Masters in Healthcare Administration.

Pete O'Heeron leads FibroBiologics as CEO and chairman. Photo via Fibrobiologics.com

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Building Houston

 
 

A Houston startup is bringing all the dogs to the yard. Photo courtesy of Fido

Considering that Americans will reportedly spend $109.6 billion on pets this year, according to new data, it really pays to be discerning when buying. Now, Houston dog owners can stay local when shopping for their fur babies.

Houstonians Brad Madrid and Bobby Dwyer have launched Fido, a new e-commerce pet wellness brand. Available all over Houston, Texas, and indeed, the nation,

Fido products will initially start with Chill Chews and Clear Ears, both of which are scientifically formulated and aim to provide relief and comfort, per a press release. Products are lab-tested and veterinarian-approved, per the company.

Anxious pups may benefit from Chill Chews, which make training, traveling, and everyday life smoother and are said to help pets relax. The Clear Ears, meanwhile, is composed of natural ingredients such as eucalyptus and aloe and is meant to keep pets’ ears clean and clear of any wax, debris, fungus, and bacteria.

“As a professional dog trainer and breeder, I’ve worked with hundreds of dogs which has allowed me to develop a deep understanding of how dogs think and function,” said Dwyer in a statement. “Through my profession, I’ve discovered a need for products to ensure canines’ health and wellness, and it’s our mission to provide great products to make good boys even better.”

Brad Madrid and Bobby Dwyer have launched Fido, a new e-commerce pet wellness brand. Photo courtesy of Fido

Madrid and Dwyer aren’t just business partners but also brothers-in-law. Bringing science to Fido, Madrid boasts a background in pharmaceuticals, while Dwyer brings canine know-how with his experience as a dog trainer.

Both hope to see their business grow by leaps and bounds. Products are available for purchase on the website and shipping is available nationwide. Plans for products to be sold in local pet stores, as with international shipping available in the future.

If current data is any indication, Madrid and Dwyer are in the right business. A survey of 2,000 dog and cat owners found that 52 percent of respondents said they spend more money on their pets than they do on themselves each year, per GoBankingRates.

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This article originally ran on CultureMap.

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