Aldagen, which is focused on stem cell research in hopes of developing therapeutics, has closed on nearly $1.1 million in new financing.

According to a filing with the SEC, investors purchased debt, warrants and options worth $1.08 million.

Aldagen said it was not raising additional money as part of this sale.

The compant withdrew plans for an initial public stock offering in April. In a filing with the SEC, Aldagen Chief Executive Officer Lyle Hohnke cited “market conditions” as the reason.

Aldagen had hoped to raise more than $80 million. It filed for the IPO in the fall of 2009 after cancelling a previously planned IPO a year earlier.

In the filing, Hohnke wrote: “[D]ue to market conditions and its determination that registration of the Company’s securities is not in the best interest of the Company at this time. No shares of common stock of the Company have been or will be issued or sold under the Registration Statement.”

Aldagen has several potential drugs under clinical development. It is focused on adult stem cells.

The company launched a Phase II clinical trial in May.

Backed by regional venture capital firms Intersouth Partners, Aurora Funds and Trelys Funds along with Harbert Venture Partners and Tullis Dickerson, Aldagen closed on more than $7 million in funding in 2009 and $18.4 million in financing in April of 2008.

Aldagen, which was launched under the name Stemco, has raised some $65 million in venture capital.

Aldagen is using umbilical cord blood.

The company utilizes proprietary technology that isolates stem cells that have high levels of the enzyme ALDH which could promote new growth of cells and tissues.

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