StemBioSys, which focuses on research with adult stem cells, has closed on $8 million in Series A funding.
San Antonio-based Targeted Technology Fund led the financing with $2.25 million which included more than 50 angel investors.
San Antonio-based StemBioSys, founded in 2010, plans to use the money for manufacturing facilities and to prepare for the launch of its stem cell culture system later this year. The system is HPMETM, High Performance Microenvironment, for sale in the stem cell research market.
“StemBioSys is actively pursuing therapeutic applications for its products and is currently engaged in more than 14 strategic partner collaborations focused on the feasibility of therapeutic applications using the company’s patented core technologies,” StemBioSys CEO Bob Hutchens said in a news release. “In addition, we have initiated multiple collaborative, sponsored research agreements with leading academic institutions to further validate the utility of the HPMETM technology. These include The University of Texas Health Science Center at San Antonio, University of Texas at San Antonio, and Langer/Anderson Laboratories at MIT.”
StemBioSys plans to raise a Series B round of financing later this year or early next year to commercial launch its HPMETM research product, according to Hutchens.