LA JOLLA, Calif., May 31 /PRNewswire/ -- Advanced BioHealing, Inc. (ABH) today announced that it has raised an additional $4.5 million in a second tranche of its Series C financing from Safeguard Scientifics, Inc. , a provider of capital to growth-stage technology and life sciences businesses, and CDIB BioScience Ventures (CBV), the largest healthcare dedicated fund in Taiwan. This brings the total amount raised in this round to $30 million.
In February 2007, Safeguard Scientifics led the initial $25.5 million Series C financing round, along with Channel Medical Partners, Red Abbey Venture Partners, Canaan Partners and Wheatley Partners. This additional tranche brings the total amount raised by ABH, since its inception in 2003, to approximately $40 million.
“The continued interest in ABH from high caliber investors is extremely gratifying,” said Kevin Rakin, Chairman and Chief Executive Officer of ABH. “Approximately three months ago, we reintroduced Dermagraft(R) to the U.S. market. The response from the healthcare community has been extremely positive, which has allowed us to exceed commercial goals that we initially set for the product. We are also pursuing additional product or technology opportunities that will leverage the manufacturing and commercial expertise that we have established in cell based products.”
Proceeds from the additional financing will be used to continue to expand the market for Dermagraft, approved by the U.S. Food and Drug Administration (FDA) as a treatment for full-thickness diabetic foot ulcers. Funding will also support the Company’s clinical trials program and business development activities.
“Safeguard’s additional funding shows our commitment and confidence in the ABH team and their platform technologies,” said Gary J. Kurtzman, M.D., Vice President of Life Sciences at Safeguard and a member of the board of directors of ABH. “There is great potential for the use of regenerative medicine in a variety of therapeutic categories. Through its experienced management team, ABH is on track to introduce a portfolio of complementary products in the area of advanced wound healing and is developing a leadership position in commercializing regenerative medicines.”
About Safeguard Scientifics, Inc.
Safeguard Scientifics builds value in growth-stage technology and life sciences businesses. Safeguard provides growth capital as well as a range of strategic, operational and management resources to its partner companies. Safeguard participates in expansion financings, corporate spin- outs, management buyouts, recapitalizations, industry consolidations and early-stage financings. Safeguard has partnered with and has interests in several other life science companies, including Avid Radiopharmaceuticals, Inc., Clarient, Inc. , Laureate Pharma, Inc., Neuronyx, Inc., NuPathe, Inc., Rubicor Medical, Inc., and Ventaira Pharmaceuticals, Inc. For more information, please visit www.safeguard.com.
About CDIB BioScience Venture (CBV)
Founded in January 2002, CDIB BioScience Ventures (CBV) is the largest healthcare dedicated venture fund in Taiwan. CBV is managed by CDIB BioScience Venture Management (CBVM), a life-science venture management company with operations in the United States and Taiwan. The fund targets global life sciences / healthcare investments and seeks to create value for both investors and its portfolio companies. Besides financial resources, CBVM offers valuable business and operating insight to the growing life science opportunities in Asia, especially in Greater China. Selected portfolio companies of CBV in the U.S. include Cadence (CADX), Somaxon (SOMX), Zars, Xanthus and Nanosys. For more information, please visit www.cdibbiosciencevc.com.
About Advanced BioHealing, Inc.
Advanced BioHealing is an industry leader in the science of regenerative medicine. The Company is focused on the commercialization of cell-based and tissue-engineered products including two that have FDA approval for marketing: Dermagraft, for diabetic foot ulcers and TransCyte, to treat full and partial thickness burns. The company’s development pipeline includes a next-generation bioengineered tissue product which is in clinical trials. ABH is a privately held company with research & development offices in New York, NY and manufacturing operations in La Jolla, CA.
For more information about ABH visit www.AdvancedBioHealing.com
Advanced BioHealing, Inc.
CONTACT: Kevin Rakin, Chief Executive Officer, Advanced BioHealing, Inc.,+1-858-754-3705, or KRakin@AdvancedBioHealing.com, or Rhonda Chiger of RxCommunications Group, LLC, +1-917-322-2569, for Advanced BioHealing, Inc.
