Aldagen Raises Additional $9 Million, Increasing Series C Financing to $23 Million
DURHAM, NC -- Sep 13, 2007 -- Aldagen, Inc., a biotechnology company advancing a pipeline of clinical stage regenerative therapies, today announced it has raised an additional $9 million in its Series C financing, bringing the total round size to $23 million. The initial Series C closing was announced in December of 2006. New investors include Tullis-Dickerson and CNF Investments LLC. Existing investors Harbert Venture Partners, LLC and Intersouth Partners also participated in the additional financing.
"We are impressed with Aldagen's technology platform and the broad range of serious, life-threatening diseases it can potentially address," said Dr. Lyle Hohnke, partner at Tullis-Dickerson. "We are excited to be working with such an experienced management team and look forward to watching the progress of Aldagen's product candidates through clinical trials."
"The additional funds raised in this Series C demonstrate continued confidence in our business strategy and product candidates," said Tom Amick, chairman and chief executive officer of Aldagen. "We are pleased to have support from our current and new investors as we move these three products in development toward commercialization."
The proceeds raised in this financing will be used to advance the development of Aldagen's three clinical-stage products. ALD-101, a unique stem cell therapy derived from cord blood, is being tested in an on-going Phase I clinical study to access its safety and ability to improve the speed and efficacy of cord blood transplantation in the pediatric setting. Aldagen's two other clinical-stage products, ALD-201 and ALD-301, are potent populations of stem and progenitor cells isolated from a patient's bone marrow. ALD-201 is currently being tested in a Phase I/II clinical study at the Texas Heart Institute as a therapy for advanced heart failure patients. ALD-301 is being tested in a multi-site ongoing Phase I/II clinical study, which is the first clinical trial involving a novel stem cell therapy for critical limb ischemia patients in the United States.
Tullis-Dickerson is a venture capital firm that specializes in the health care industry and has earned top-quartile returns on behalf of its investors. This performance is driven by disciplined due diligence and superior management of investments, coupled with a team approach to deal sourcing, structuring and management. Within health care, TD focuses on biotechnology and life sciences, pharmaceuticals, health care services, and medical devices. More information on Tullis-Dickerson is available at www.tullisdickerson.com
About CNF Investments LLC
CNF Investments is an affiliate of Clark Enterprises Inc. that actively invests in venture capital and private equity. CNF Investments manages over $150 million in capital with current investments in pharmaceutical, biotechnology and medical devices; communications; technology; oil and gas; and consumer products. For additional information, please visit www.cnfinvestments.com.
About Aldagen, Inc.
ALDAGEN is a biotechnology company advancing a pipeline of clinical-stage regenerative therapies. The Company has three product candidates in clinical development for chronic heart failure, critical limb ischemia and pediatric metabolic disorders and malignancies. ALDAGEN's therapeutics are produced by a proprietary technology platform that selects potent, adult stem and progenitor cells for therapeutic use. The platform yields a broad range of therapeutic cells that can be used rapidly, without culture or expansion. To learn more about ALDAGEN, please visit www.aldagen.com.