CHARLOTTESVILLE, Va., Sept. 26, 2012 /PRNewswire/ -- HemoShear LLC, a biotechnology research company and leading developer of human and animal cell-based surrogate systems for discovery and assessment of new drug compounds, today announced that is has just completed the closing of a $1MM debt financing round to support the Company's expansion plans over the next twelve months.
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StellarOne Bank is the lender and the Virginia Small Business Financing Authority is the guarantor for 75% of the loan. "It is clear from the Commonwealth of Virginia's extraordinary commitment to new Virginia-based technology that it is one of the most business-friendly states in America for spawning new innovative technology companies created by our own scientists and entrepreneurs," said Jim Powers, CEO of HemoShear. After closing the transaction, Dr. Brian Campbell, CFO of HemoShear, commented that "StellarOne has been an exceptional partner for our expanding company. They showed tenacity and courage in quickly striking a deal that is highly beneficial to HemoShear and to our rapidly expanding group of dedicated Charlottesville employees."
"The Virginia Small Business Financing Authority is very proud to have been asked to partner with StellarOne Bank in the financing necessary for HemoShear's expansion," said Scott Parsons, Executive Director of the Virginia Small Business Financing Authority. "We believe that projects like this are great examples of how the Commonwealth can partner with the private sector to create more jobs for Virginians."
HemoShear began operations in 2008 and has since grown to thirty employees in Charlottesville. The Company now has more than twelve major pharmaceutical, biotechnology and medical device partners collaborating on a wide range of therapeutic discovery and safety assessment programs. Proceeds from the financing will help support the Company's move to larger laboratory and office space and to acquire additional laboratory equipment for its ongoing operations.
About HemoShear LLC
HemoShear creates human-relevant systems that accurately replicate the biology of organ systems and diseases for drug discovery and development. Working in strategic partnerships with pharmaceutical, biotechnology and medical device companies, HemoShear generates meaningful data to increase confidence in decision-making, reduce risk of costly failures and identify efficacious therapies. HemoShear's science leads to new medicines and improves human health.
About the Virginia Small Business Financing Authority
VirginiaDBA, created by the Virginia General Assembly in 1996, provides a one-stop-service for technical assistance related to business formation, access to capital, and workforce development. To accomplish the objectives set forth in Governor McDonnell's Economic Development and Jobs Creation agenda, VDBA has facilitated $1.3 billion in financing for Virginia businesses, provided technical assistance to over 36,000 businesses and will host over 80 Entrepreneurial Workshops statewide this year.
About StellarOne Bank
StellarOne Bank, a subsidiary of StellarOne Corporation (NASDAQ: STEL), is a community bank offering a full range of business and consumer banking services. StellarOne boasts more than 50 full-service financial centers throughout the New River Valley, Roanoke Valley, Shenandoah Valley, and Central and North Central Virginia. In the fall of 2012, StellarOne debuted financial centers in the Richmond and Virginia Beach markets. Member FDIC and Equal Housing Lender.
SOURCE HemoShear LLC