Aldagen secures $17.3 million in financing
DURHAM, N.C. -- Aldagen, Inc. announced that it has received $17.3 million in debt and equity financing. The Series C equity financing was co-led by Harbert Venture Partners, LLC and Intersouth Partners. Also participating in the round were existing investors Aurora Funds, Trelys Funds, L.P., Tall Oaks Capital, Village Ventures and the Piedmont Angel Network. The $3 million in debt financing was secured with Square 1 Bank. The Company will use these funds to advance its pipeline of regenerative medicine clinical studies.
"We believe Aldagen's stem and progenitor cell isolation technology is applicable to multiple large, addressable markets. This, in combination with Aldagen's experienced management team, positions Aldagen as an attractive investment opportunity for us. We are pleased to support Aldagen and look forward to being a part of a company that has the potential to revolutionize regenerative medicine," said Will Brooke, Managing Partner of Harbert Venture Partners.
"We are pleased the investors participating in this round, both new and old, see the significant potential of Aldagen's technology to address important unmet medical needs," said Tom Amick, Chairman & CEO of Aldagen. "The funding from this round will allow us to continue to advance our clinical trial pipeline which is one of the most advanced in the regenerative medicine field."
"The past year has been transformational for Aldagen, and we have been impressed with management's ability to deliver on expected milestones, resulting in three clinical trials," said Dr. Garheng Kong, Partner with Intersouth Partners. "In addition, the clinical data presented earlier this week at the American Society of Hematology meeting demonstrates the potential that Aldagen's technology has to improve the safety and efficacy for cord blood transplants."
"Success in venture lending is highly dependent on developing client relationships with emerging leaders in large market spaces," said Richard Casey, Founder and CEO of Square 1 Bank. "Aldagen fits our criteria to a tee. The company is backed by a syndicate of top-tier venture capital firms, directed by a seasoned executive management team, and is successfully executing on its strategy to rapidly develop therapeutic applications in the regenerative medicine market."
About Harbert Venture Partners
Harbert Venture Partners provides growth capital to early stage technology and healthcare companies in the Mid-Atlantic and Southeastern U.S. Harbert Venture Partners combines substantial investment, advisory and operating experience with capital to assist entrepreneurs in successfully executing their growth plans. Harbert Venture Partners is an affiliate of Harbert Management Corporation, a privately owned investment management company focusing on alternative asset classes. As of December 1, 2006, Harbert Management Corporation has twenty-one funds under management in ten different asset classes, representing over $7.1 billion in assets and committed capital under management. More information is available at http://www.harbert.net.
About Intersouth Partners
Located in Durham, North Carolina and Reston, Virginia, Intersouth Partners is one of the largest, most active and most experienced early stage venture funds in the country, having invested in more than 80 private companies over the last two decades. Founded in 1985, Intersouth Partners manages more than $775 million in seven venture capital limited partnerships. Intersouth seeks a broad range of seed and early-stage investment opportunities throughout the Southeast, focusing on the information technology and life sciences sectors. Visit http://www.intersouth.com for more information.
About Square 1 Bank
Square 1 Bank first opened its doors August 8, 2005, as a full service commercial bank providing financial services to venture capital firms and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide solid support for its clients needs. The bank offers tailored products and solutions aided by the latest technological innovations. To serve its relationships, Square 1 has offices coast to coast in Austin, Boston, New York metro, Reston, San Diego, Seattle, and the Silicon Valley. The bank is headquartered in Durham, North Carolina. More information is available at http://www.square1bank.com.
About Aldagen, Inc.
Aldagen is a clinical-stage regenerative medicine company developing and commercializing products to treat vascular and degenerative diseases. The company's proprietary products can identify and isolate potent, highly effective adult stem and progenitor cells which can be quickly administered to regenerate or repair tissue. The company's lead product, ALDESORT, is currently being tested at Texas Heart Institute and Duke University in three clinical studies for ischemic heart failure, critical limb ischemia and cord blood transplantation. To learn more about Aldagen's products for preparing optimal cell populations for adult stem and progenitor cell therapy, the Company invites you to visit its website at http://www.aldagen.com.