Safeguard Scientifics says it joined a group of investors who ponied up $10.4 million to finance the development work underway at Garnet Biotherapeutics. Other investors include Alliance Technology Ventures and SCP Vitalife Partners, which led the round.
The money will be used to finance Phase II clinical trials for Garnet's human adult bone marrow-derived cells, along with manufacturing and development. Garnet is developing cell-based therapy for cosmetic and dermatological conditions to accelerate healing and reduce scarring. Researchers for the company say they have identified a distinct population of bone marrow derived cells capable of reducing inflammation and promoting healing.
"Safeguard Scientifics invests in companies that have differentiated products, strong management and a solid trajectory towards commercialization," says Peter J. Boni, president and CEO of Safeguard. "Garnet Biotherapeutics reflects one of Safeguard's strategic objectives to partner with growth-stage life sciences companies developing regenerative and personalized medical technologies that serve significant unmet medical needs. We continue to identify exciting partnering opportunities and welcome Garnet Biotherapeutics to the Safeguard team."
- check out the Safeguard release [1]
Links:
[1] http://www.fiercebiotech.com/press-releases/safeguard-scientifics-joins-10-4-million-financing-garnet-biotherapeutics