SAN FRANCISCO--(BUSINESS WIRE)--Xcell Biosciences announced today the company has closed a $12 million Series A private equity financing round. The financing was led by HBM Genomics along with the continued participation of all major existing investors. Xcell Bio will use the funds to launch its commercial platform worldwide, including expanding its US sales force and worldwide commercial reach. Saeid Akhtari, Managing Director of HBM Genomics, will join the Xcell Biosciences Board of Directors.
“The continued involvement of such a high-quality group of investors validates the potential of our platform and the traction we’ve generated to date with our products”
Xcell’s advanced primary cell culturing platform, the Avatar™ system, enables propagation and gene editing in hard to transfect cell types. The Avatar platform is currently being used for translational research, clinical diagnostics development, and cell therapy applications.
“Xcell Bio has developed an elegant, yet immensely powerful technology for manipulating and expanding primary cells,” said Saeid Akhtari of HBM Genomics. “Xcell’s technology can be applied to solve key unmet needs, including dictating stem cell fate, enhancing gene editing efficiency, and propagating patient-derived tissues for novel cell-based therapies. I am thrilled to be a part of the team and look forward to contributing to their evolution and helping to bring this revolutionary technology to new commercial markets.”
“The continued involvement of such a high-quality group of investors validates the potential of our platform and the traction we’ve generated to date with our products,” said Brian S. Feth, Chief Executive Officer at Xcell Biosciences. “These new funds will enable us to expand our reach with clinical research customers in oncology, stem cell biology, and immunology, as well as customers engaged in cell therapy development and regenerative medicine.”
About Xcell Biosciences, Inc.
Xcell Biosciences, Inc., is developing revolutionary products and workflows that empower scientists in important fields including cancer research, immunology, stem cell biology, and cell therapy development. Xcell’s first product, the Avatar™ system, offers a powerful new tool allowing for complete control of key physiological conditions found in cellular microenvironments. The Avatar system empowers researchers and drug developers with new capabilities, including propagation of difficult samples such as tumor biopsies and other primary cell types. The technology also offers dramatic improvements in transfection and gene editing efficiencies in primary cell populations for regenerative medicine and cell-based therapy applications. For more information, visit www.xcellbio.com.
For Xcell Biosciences:
Bioscribe, Inc.
Nicole Litchfield, 1-415-793-6468
nicole@bioscribe.com
