CLEVELAND, July 16, 2012 /PRNewswire/ -- Juventas Therapeutics, a clinical-stage regenerative medicine company, announced today that it has closed a $22.2 million Series B financing that was co-led by Triathlon Medical Venture Partners and New Science Ventures. All previous venture firms, including Fletcher Spaght Ventures, Reservoir Venture Partners and Early Stage Partners participated in the round. Also joining the syndicate are new investors Takeda Ventures, Venture Investors, Global Cardiovascular Innovation Center, Tri-State Growth Fund, Glengary and select angel investors.
The proceeds will fund completion of ongoing Phase II clinical trials investigating the use of JVS-100 in treating patients with chronic heart failure or critical limb ischemia. Both trials are actively enrolling patients. JVS-100, the Company's lead product, encodes Stromal cell-Derived Factor 1 (SDF-1) which has been shown to repair damaged tissue through recruitment of circulating stem cells to the site of injury, prevent ongoing cell death and restore blood flow.
"The funds raised through this Series B will carry us through significant clinical milestones," states Rahul Aras, Ph.D., President & CEO of Juventas Therapeutics. "The fact that the round was oversubscribed and added several new investors to an already strong syndicate speaks to the excitement that is building around regenerative medicine, and specifically, the unique factor-based strategy employed by Juventas."
Clinical studies by several companies have demonstrated that delivery of adult stem cells to patients suffering from heart failure or critical limb ischemia has the potential to promote tissue repair and improve clinical outcomes. In spite of these clinical findings, questions remain about the affordability and accessibility of cell-based therapy for the general population. Rather than deliver cells, Juventas delivers JVS-100, whic
|SOURCE Juventas Therapeutics|
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