Aldagen, a biotechnology firm focused on stem cell research, has closed on an additional $9 million as part of a continuing C round.
The firm closed on $14 million in financing along with $3 million in debt through deals announced in December.
The latest round of funding included two new investors, Tullis-Dickerson and CNF Investments. Intersouth Partners, which is based in Durham, increased its investment in Aldagen. Harber Venture Partners, another previous investor, also participated.
"We are impressed with Aldagen’s technology platform and the broad range of serious, life-threatening diseases it can potentially address," said Lyle Hohnke, partner at Tullis-Dickerson. "We are excited to be working with such an experienced management team and look forward to watching the progress of Aldagen’s product candidates through clinical trials."
Aldagen, which used to be known as Stemco, raised some $14 million in venture funding, Local firms Intersouth, Aurora Funds and Trelys participated in the round, along with Harbor Ventures, an Alabama firm.
Three products are in clinical trials at Aldagen, which has raised $39 million in all. The potential products target chronic heart failure, critical limb ischemia and pediatric metabolic disorders and malignancies.
Aldagen has developed proprietary technology that enables the isolation and purification of stem cells that are then implanted in people suffering from a variety of illnesses. The body uses the stem cells to regenerate tissue, such as blood vessels.
"The additional funds raised in this Series C demonstrate continued confidence in our business strategy and product candidates," said Tom Amick, chairman and chief executive officer of Aldagen, in a statement. "We are pleased to have support from our current and new investors as we move these three products in development toward commercialization."
Tullis-Dickerosn focuses on health care industry investments. CNF invests in a wide variety of companies ranging from biotechnology to consumer products.
