Cleveland Clinic Spin-Off Developing Novel Biopharmaceutical Therapies for Heart Disease
AcelleRX Therapeutics, Inc., a Cleveland Clinic spin off company developing biopharmaceuticals for treatment of cardiovascular disease, today announced it has closed a $6.9 million Series A financing.
The company, which was spun out of the Cleveland Clinic in 2007, has raised $11 million in equity and grant funding since its inception. The company's lead product, Stromal Derived Factor-1 (SDF-1), works to repair damaged tissue through promoting cell survival, recruiting stem cells and improved blood flow to damaged tissue.
"This latest round of financing will allow us to significantly advance our SDF-1 cardiovascular platform," said Rahul Aras, PhD, AcelleRX CEO. "We are excited to enter the next phase of development as we work to bring these new products to the market."
AcelleRX has demonstrated that SDF-1 treatment following a heart attack or heart failure results in significant cardiac improvement in pre-clinical models. The company will use the current funding to transition the product through a Phase I clinical trial. AcelleRX was founded based on the discoveries of Marc Penn, M.D., Ph.D., Director, Skirball Laboratory for Cardiovascular Cellular Therapeutics and Center for Cardiovascular Cell Therapy in the Sydell and Arnold Miller Heart & Vascular Institute of the Cleveland Clinic.
Triathlon Medical Ventures led the round. Other investors include Early Stage Partners, Fletcher Spaght Ventures, Reservoir Venture Partners, Blue Chip Venture Company, Jump Start and North Coast Angel Fund. AcelleRX has received grant support from the Global Cardiovascular Innovation Center (GCIC) and the Center for Stem Cell and Regenerative Medicine (CSCRM). Both are Wright Centers of Innovation funded by Ohio's Third Frontier Program.
"We are excited to have completed this recent financing with AcelleRX," said George Emont, Managing Director, Triathlon Medical Ventures. "We are looking forward to working with our co-investors and the management team in realizing the tremendous potential of their therapeutic platform."
"This investment, in the current economic environment, says a lot about the strength of the technology and the management team," said Chris Coburn, Executive Director, Cleveland Clinic Innovations, the Clinic's corporate venturing arm.
About Triathlon Medical Ventures
Triathlon Medical Ventures is a Midwest-based venture capital firm that invests exclusively in the life sciences. Investing its first fund of $105 million, the venture firm provides equity capital to early and expansion stage companies with proprietary biomedical technology platforms or products addressing significant human healthcare needs. Investments are geographically focused on early stage opportunities in the Midwest but include later stage companies nationwide. Triathlon Medical Ventures is headquartered in Cincinnati, Ohio, with offices and partners in Indianapolis, Indiana; Louisville, Kentucky; and St. Louis, Missouri. To learn more about Triathlon Medical Ventures, go to www.tmvp.com.
About the Cleveland Clinic
Cleveland Clinic, located in Cleveland, Ohio, is a not-for-profit multispecialty academic medical center that integrates clinical and hospital care with research and education. Cleveland Clinic was founded in 1921 by four renowned physicians with a vision of providing outstanding patient care based upon the principles of cooperation, compassion and innovation. U.S. News & World Report consistently names Cleveland Clinic as one of the nation's best hospitals in its annual "America's Best Hospitals" survey.
Approximately 1,800 full-time salaried physicians and researchers at Cleveland Clinic and Cleveland Clinic Florida represent more than 100 medical specialties and subspecialties. In 2007, there were 3.5 million outpatient visits to Cleveland Clinic and 50,455 hospital admissions. Patients came for treatment from every state and from more than 80 countries. Cleveland Clinic's Web site address is www.clevelandclinic.org.
Disclosure: The Cleveland Clinic Foundation is a shareholder in AcelleRX and has the right to receive royalties from AcelleRX. In addition, Dr. Marc Penn and another CCF employee have the right to receive stock and royalties from AcelleRX, and serve as paid consultants to AcelleRX. Certain CCF officials serve on its Board of Directors.
Media Contact
Scott Heasley, 216.444.0141
