The Business of Biofabrication

FluidForm Bio, a regenerative medicine company developing 3D bioprinted cell therapies for diabetes, has launched a new fundraising campaign on StartEngine, aiming to raise up to $1.24 million through a convertible note offering. The Waltham-based company is pursuing a novel approach to treating type 1 diabetes using its proprietary FRESH™ (Freeform Reversible Embedding of Suspended Hydrogels) bioprinting platform.

A Minimally Invasive Strategy for Type 1 Diabetes

The company’s lead program focuses on implanting insulin-producing pancreatic tissue under the skin. Designed to be vascularized, retrievable, and potentially free from systemic immune suppression, FluidForm’s approach could address some of the limitations faced by current cell therapy candidates—particularly issues related to viability and immune rejection.

The technology has demonstrated encouraging results in small animal models, where implanted tissues restored normal blood glucose levels. The next step is initiating large animal studies, a critical milestone on the road to human clinical trials.

The Pitch: Large Market, Proprietary Platform

FluidForm is entering a crowded but high-stakes therapeutic space. The company estimates its target market for diabetes-related cell therapy at $625 billion, with a more immediate $125 billion segment accessible upon early commercialization.

The FRESH platform, which enables printing of soft, biomimetic tissue structures with embedded vasculature, is protected by a portfolio of over 40 issued and pending patents. The company has previously partnered with Johnson & Johnson, Amgen, and Merck on preclinical drug discovery projects, although these partners are not involved in the diabetes program.

Figure taken from information from FluidForm Raise webpage found below.

FluidForm has raised $14.5 million since 2018, including $4.5 million in 2024. However, its most recent financials show continued losses, with a net income of -$4.39 million in the last fiscal year and relatively modest revenue generation ($168,783).

An Early-Stage Bet

Led by CEO Michael Graffeo (formerly of Insulet and Medtronic) and CTO Dr. Adam Feinberg (a Carnegie Mellon professor and expert in ECM and biomanufacturing).

The current campaign is structured as a convertible note with a $25 million valuation cap, 15% annual interest, and a 20% discount rate, with a conversion trigger at $1 million. The minimum investment is $500. While the team and technology are credible, investors should be aware this is a high-risk, uncertain, early-stage opportunity in a therapeutically and technically complex field.

Bottom Line

FluidForm Bio is an ambitious entrant in the bioprinted therapeutics space with a platform that has drawn industry attention and delivered preclinical proof-of-concept. The move to large animal studies will be critical in validating the company’s approach to diabetes treatment. If successful, it could position FluidForm as a key innovator in bioprinted cell therapy. But like many biotech startups, it faces substantial scientific, regulatory, and financial hurdles ahead.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any securities. Investing in early-stage companies, including those in the biotechnology and medical device sectors, involves substantial risk, including the potential loss of capital. Prospective investors should conduct their own independent due diligence and consult with a licensed financial advisor, legal counsel, and/or tax professional before making any investment decision.

For more info on the raise review this link.