Start-up AcelleRX Therapeutics, a recent spin-off of the Cleveland Clinic, has put together a first venture round of $6.9 million. The money will be put to use advancing Stromal Derived Factor-1, or SDF-1, a protein that is produced by heart-attack victims which attracts stem cells to the site of the damage. The company raised the funds from Triathlon Medical Ventures, Early Stage Partners, JumpStart, North Coast Angel Fund, Fletcher Spaght Ventures, Reservoir Venture Partners and Blue Chip Venture Co.
"We have some exciting pre-clinical data," said Rahul Aras, chief executive of AcelleRX. "We've had good discussions with the [Food and Drug Administration] on the product and the strategy to move it toward the clinic. We are anticipating starting a Phase I trial next year."
- read the report from the Cleveland Plain Dealer