Medgenics' $9.5M private placement to fuel Biopump clinical trials

Israel's Medgenics ($MDGN) will use a newly-raised $9.5 million private placement to advance clinical trials for its Biopump technology.

The technology is designed to regularly produce and deliver therapeutic proteins to patients using their own skin biopsy. Medgenics president and CEO Andrew Pearlman said in a statement that the money will help advance clinical trials for its Epodure Biopump treatment, which produces erythropoietin to treat anemia, and Infradure Biopump, which makes interferon-alpha to treat hepatitis.

Pearlman added that the money will also be used to bring the company's technology toward commercialization. Medgenics, which is also based in San Francisco, confirmed in November that it was moving ahead with plans to continue clinical testing of its technology to treat chronic kidney disease.

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