Friday, April 15, 2011
Carmell Therapeutics Completes Series A Financing to Advance the Development of Novel Bioactive Plastics
Carmell Therapeutics, a company that manufactures novel blood plasma-based biomaterials that accelerate the repair of injured tissues, has closed on a Series A financing it will use to establish a pilot manufacturing facility and collect data for early clinical validation for the Company’s first products.
The round was led by Harbor Light Capital Partners, a private investment firm that invests in early and growth stage companies located in the United States. Additional investors in the financing include; Newlin Investment Company, the PLSG Accelerator Fund, LLC, Innovation Works, Ariel Savannah Angels, Blue Tree Allied Angels as well as individual investors.
“This financing establishes a national investor base to support the important work we are doing to develop products to treat injuries to joints and connective tissues,” said Carmell Therapeutics President and CEO Alan West. “We’re pleased to welcome Harbor Light Capital Partners, Newlin Investment Company, Ariel Savannah Angels, Blue Tree Allied Angels and several western Pennsylvania investment leaders in supporting Carmell and the development of our exciting new products made from blood plasma (Platelet Rich Plasma).”
Platelet-rich plasma (PRP) is receiving widespread clinical use to augment the healing of soft & hard tissue injuries because of the concentration of natural growth factors that occur in platelets. Carmell’s novel materials incorporate both platelet and plasma-derived regenerative factors and are sterile, ready-to-use, easy to handle, shape and suture and exhibit mechanical properties designed to match the repaired tissue. Carmell’s first products include a surgical scaffold for tendon repair and a bone putty form of these plasma-based biomaterials. Both products address the compelling clinical need for an effective and inexpensive product that accelerates healing.
“Newlin Investment Company believes that the opportunity for innovation in healthcare has never been greater and western Pennsylvania is ripe with investment opportunities,” says Bill Newlin, Chairman of Newlin Investment Company. Mr. Newlin continues, “Carmell is a start-up company with a superior technology and a team with the vision and ability to deliver on a huge opportunity. I have a personal commitment to the cultivation of regional innovation and talent and look forward to the continued growth and success of this promising company.”
Article courtesy of Carmell Therapeutics