Juventas Therapeutics Raises $22.2 Million Series B Financing
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, which activates natural stem cell based repair pathways that lie dormant in a patient. This allows the benefits of regenerative medicine without the complexity of cell therapy. While currently focused on cardiovascular disease, the clinical potential for JVS-100 is broad.
Last year, Juventas Therapeutics spun-off SironRX Therapeutics to focus on development of dermal and bone related applications for JVS-100. In 2011, SironRX raised $3.4 million through a Series A financing led by North Coast Angel Fund and received $1 million in grant funding through the Ohio Third Frontier program. The Company is currently enrolling a Phase Ib randomized, placebo-controlled, double-blinded clinical trial investigating dermal JVS-100 delivery to accelerate wound closure and reduce scar formation.
"Juventas provides a commercially viable solution to delivering regenerative therapies and has the potential to address a broad range of clinical applications" states George Emont, Managing Partner for Triathlon Medical Ventures and Chairman for Juventas. ©øWe are pleased to have raised these funds for the two Phase II clinical trials and additional development as the company looks toward its Phase III trials and eventual commercialization".
About Juventas Therapeutics
Juventas Therapeutics, (www.juventasinc.com) headquartered in Cleveland, OH, is a privately-held clinical-stage biotechnology company developing a pipeline of regenerative therapies to treat life–threatening diseases. Founded in 2007 with an exclusive license from Cleveland Clinic, Juventas has transitioned its therapeutic platform from concept to initiation of mid-stage clinical trials for treatment of heart failure and critical limb ischemia. Investors include New Science Ventures, Takeda Ventures, Triathlon Medical Venture Partners, Venture Investors, Early Stage Partners, Fletcher Spaght Ventures, Reservoir Venture Partners, Glengary, The Global Cardiovascular Innovation Center, Tri-State Growth Fund, North Coast Angel Fund, X Gen Ltd., JumpStart Inc., and Blue Chip Venture Co. The company has received non-dilutive grant support through the Ohio Third Frontier-funded Cleveland Clinic Ohio BioValidation Fund, Global Cardiovascular Innovation Center and Center for Stem Cell & Regenerative Medicine.
SOURCE Juventas Therapeutics