AlloCure Raises $25 Million Series B Venture Financing
-- New Funding to Support Phase 2 Trial of Novel Therapy for Acute Kidney Injury --
BURLINGTON, Mass., Apr 02, 2012 (BUSINESS WIRE) -- AlloCure, Inc., a clinical stage biotechnology company focused on the treatment of kidney disease, today announced the closing of a $25 million Series B venture financing. The round included the participation of new syndicate member Lundbeckfond Ventures, as well as previous investors SV Life Sciences and Novo A/S.
AlloCure also announced that Mette Kirstine Agger, managing partner of Lundbeckfond Ventures, has joined the AlloCure board of directors.
"AlloCure is developing AC607, an allogeneic mesenchymal stem cell therapy, for acute kidney injury (AKI)," said Robert M. Brenner, M.D. AlloCure President and Chief Executive Officer. "A treatment for AKI is an important unmet medical need, recognized by the recent Fast Track designation granted AC607 by the U.S. Food and Drug Administration (FDA) in this indication."
He continued, "Building on the encouraging AC607 Phase 1 results presented last fall at the American Society of Nephrology annual meeting, AlloCure is poised to conduct a multicenter, randomized, double-blind, placebo controlled trial of AC607 for the treatment of AKI beginning this Summer at a number of the leading academic institutions and hospitals in the United States. We are very pleased to have secured the necessary financing to support the Company through the completion of this critical work, and we welcome Lundbeckfond Ventures and Mette Kirstine Agger to the AlloCure Board of Directors."
"The development of the first effective therapy for AKI represents a major potential medical advance, as AKI contributes greatly to the expanding burden of kidney disease, including chronic kidney disease, end-stage kidney disease and mortality," commented Ms. Agger. "We look forward to the further successful development of AC607 with the potential to improve the lives of patients in the future."
AC607 is a novel biologic therapy under development for the treatment of AKI. AC607 also possesses potential applications in other grievous illnesses. AC607 comprises allogeneic bone marrow-derived mesenchymal stem cells that are harvested from healthy adult donors and then expanded via a mature and state-of-the art manufacturing process. AC607 homes to the site of injury where it mediates powerful anti-inflammatory and organ repair processes via the secretion of beneficial paracrine factors, without differentiation and repopulation of the injured kidney. Importantly, AC607 avoids recognition by the host's immune system, enabling administration in an "off the shelf" paradigm without the need for blood or tissue typing.
AlloCure, Inc. is a privately held, clinical-stage biotechnology company focused on the treatment of kidney disease. The company is a leader in the AKI field and is pioneering the development of the first effective therapy for the treatment of AKI. The company's headquarters is located in Burlington, MA. For more information about AlloCure, please visit the company's web site at http://www.allocure.com .
SOURCE: AlloCure, Inc.