Stem cell startup Aldagen raising $10 million, refiles plans for IPO
Aldagen
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DURHAM, N.C. - Life-sciences startup Aldagen has refilled plans for an initial public offering of stock just over a year after withdrawing such plans.
The company also is raising financing through debt and warrants, according to a filing with the SEC. Aldagen is seeking to raise $10 million and has so far sold $7.3 million.
For the IPO, Aldagen seeks to raise $80.5 million and trade its stock on the Nasdaq under the symbol “ALDH.” Aldagen did not set a target price for the stock in the filing.
The company has several potential drugs under clinical development. It is focused on adult stem cells.
Backed by regional venture capital firms Intersouth Partners, Aurora Funds and Trelys Funds along with Harbert Venture Partners and Tullis Dickerson, Aldagen closed on $18.4 million in venture financing in April of last year..
Aldagen, which was launched under the name Stemco, has raised some $65 million in venture capital.
Its most advanced product, ADL-101, is in Phase III clinical trial. It could be a treatment for inherited metabolic diseases in pediatric patients. The hope is to improve umbilical cord blood transplants. Aldagen is using umbilical cord blood.
A Phase III trial is being prepared for ALD-301, a potential treatment of critical limb ischemia.
Another, ALD-201, targets ischemic heart failure.
Aldagen utilizes proprietary technology that isolates stem cells that have high levels of the enzyme ALDH which could promote new growth of cells and tissues.
Copyright 2012 WRAL Tech Wire. All rights reserved.
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