CAMBRIDGE, Mass.--(BUSINESS WIRE)--Critical Biologics Corporation (CBC), a private company, today announced it has closed a Series ‘A’ financing with a $7 million investment from Morningside Ventures. The funds will enable CBC to advance its lead recombinant human plasma gelsolin (rhu-pGSN) targeted for the prevention of life-threatening critical care complications associated with low plasma gelsolin levels.
Gelsolin is a naturally occurring protein found inside cells as well as in the plasma. Circulating plasma gelsolin levels decrease shortly after a variety of tissue injuries such as trauma, major surgery, burns and sepsis. Severe depletion of plasma gelsolin has been found to correlate strongly with adverse clinical outcomes in critical care patients such as longer ventilator times, longer duration of ICU stays and death. Experiments in animal models have shown that disease progression and adverse outcomes can be averted by a timely replenishment of plasma gelsolin using rhu-pGSN. It is therefore anticipated that, in high-risk critical care patients, the early detection of reduced plasma gelsolin levels followed by replacement with rhu-pGSN could provide an efficacious and well tolerated therapeutic intervention.
In commenting on the investment, CBC’s co-founder and Chairman, James Fordyce said, “There could not have been a more favorable outcome to our fund raising efforts over the past year than to have Morningside Ventures take this investment interest in Critical Biologics. Morningside’s long-term view and willingness to help guide our strategic direction has already made a major contribution to our development program. Together we will build a very successful company.”
“Morningside is very excited about the potential of plasma gelsolin replacement therapy and the potential benefit it will bring to critical care,” commented Dr. Gerald L. Chan, recently appointed board member of CBC. “We look forward to working with CBC and its management to develop this promising critical care diagnostic and treatment protocol.”
About Critical Biologics
Critical Biologics Corporation, based in Cambridge, MA, began fund raising in 2006 with the strategic intent to develop and commercialize diagnostics and therapeutics that predict and regulate inflammatory responses to life-threatening diseases. In particular, CBC is focused on a theranostic approach to treat critical care patients with low plasma gelsolin levels at high risk of life-threatening complications. Gelsolin was first discovered by Dr. Tom Stossel, American Cancer Society Professor of Medicine at Harvard Medical School and Director of the Translational Medicine Division and Senior Physician in the Hematology Division at Brigham & Women’s Hospital. In October 2006, CBC entered into an agreement with Brigham & Women’s Hospital to license technology and intellectual property pertaining to the therapeutic and diagnostic use of plasma gelsolin to predict and pre-emptively treat a variety of medically and economically important conditions.
About Morningside Group
Morningside Group (www.morningside.com) is a diversified investment group founded in 1986 by the Chan family of Hong Kong. It is engaged primarily in private equity and venture capital investments. The group has investments in North America, Europe, across Asia-Pacific, and since 1992, in Mainland China. Morningside Group was one of the earliest institutional investors in China’s internet industry and in recent years has been an active investor in China’s emerging biotechnology sector.
Contacts
Critical Biologics Corporation Ashleigh Palmer, 908-439-9768 CEO apalmer@criticalbiologics.com
