FREEHOLD, N.J., June 27 /PRNewswire/ -- Lifeblood Medical, Inc. has successfully raised $1.2 million in a Series B financing with private investors. Previously in March of this year, the Company successfully raised $1.0 million in Series A financing through one private investor. The total funding of $2.2 million will allow Lifeblood Medical, Inc. to proceed with its strategic plan of hiring and FDA approval of LIFOR® for organ preservation.
“This is the fastest closing and receipt of funding that we have experienced,” stated Lon P. Frederick, President of Frederick and Company, Inc., the investment banker for both series financing. “Our investors are very excited to have an opportunity to participate in Lifeblood Medical.”
“I would like to thank all of the investors in the state of Wisconsin for their support and belief in Lifeblood Medical, Inc. with the potential contribution we can make in the field of organ transplantation,” stated Joseph Fischer, President and Chief Executive Officer of Lifeblood Medical, Inc. “This volume of financing will allow us to move ahead with our strategic plan, which includes the hiring of key employees and starting our FDA approval process with LIFOR® for organ preservation. I am excited that the Company can finally move forward with its proprietary products, which will lengthen the preservation of harvested tissues. The ability to have a readily available kidney through an organ bank network that has been properly screened for cross matching and testing of viral and other infections will not only improve the quality of life for mankind by reducing the organ waiting list, but will significantly reduce our nation’s healthcare costs.”
About Lifeblood Medical, Inc.
Lifeblood Medical, Inc., headquartered in Freehold NJ, is a cell culture/biotech company whose goal is to enhance and extend the quality of life in the field of organ, cell and tissue preservation through the utilization of our proprietary solutions and by providing key reagents to the research community.
We distribute high quality serum and reagents to the research community at competitive prices. Our products include Serum (including US and Australia Fetal Bovine Serum), Serum Enhancers (DMEM and RPMI), Antibiotics, Specialty Media and Customized Applications.
Our proprietary solution is considered platform enabling technology, with the potential to address a multitude of applications through all segments of the tissue, cell and organ transplant markets by way of its unique serum free, animal protein free and oxygen carrying properties. For the cell and tissue preservation market we offer LiforCell(TM) and LiforLab®. For whole organ preservation, transportation and transplantation we offer LIFOR®. LIFOR® is currently undergoing clinical trials for the support of heart and kidney harvesting, transporting and reimplantation. FDA submission is anticipated later this year. Additional information is available online at http://www.lifebloodmedical.com.
Source: Lifeblood Medical, Inc.
