More than a year after flagging its interest in a B round, Cleveland Clinic-spinout Juventas Therapeutics has put the final pieces together for a $22.2 million raise. The cash will fund an ongoing mid-stage trial of its lead therapy, JVS-100, a regenerative stem cell medicine for heart failure and critical limb ischemia.
Triathlon Medical Venture Partners and New Science Ventures led the round with Fletcher Spaght Ventures, Reservoir Venture Partners and Early Stage Partners participating. They came together to back an adult stem cell treatment that encodes Stromal cell-Derived Factor 1. And back in the spring of 2011 the biotech was telling MedCityNews that it wanted to raise $25 million in the second round.
"The funds raised through this Series B will carry us through significant clinical milestones," says Juventas CEO Rahul Aras. "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."
For a startup, Juventas has been busy. The fledgling biotech 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.
- here's the press release