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AlloCure Inc. Closes $14.5MM Series A Round to Develop a Stem Cell Therapy for Acute Kidney Injury
Date:7/2/2008

Biotech innovator develops new therapies based on cells manufactured from

bone marrow; SV Life Sciences and Novo A/S provide funding round

SALT LAKE CITY and HAMBURG, Germany, July 2 /PRNewswire/ -- AlloCure Inc., a biotechnology company at the forefront of innovative cell therapies for the treatment of acute kidney injury, today announced the closing of a $14.5MM Series A financing. The round was led by SV Life Sciences with Novo A/S joining the syndicate.

"This financing represents a significant step forward in developing the first cell therapy to effectively treat patients who are suffering from acute kidney injury," said John Wirthlin President and CEO. "SV Life Sciences and Novo Ventures bring tremendous depth, experience and clout to our efforts. We look forward to working closely with our investors to successfully commercialize this unique and proprietary technology."

Despite major advances over the past 30 years, acute kidney injury remains treatment resistant and presents a growing critical problem for a significant number of patients around the world.

"AlloCure has not only established itself as a leader in developing cell therapies to treat kidney patients," said Lutz Giebel, Managing Partner of SV Life Sciences. "They have also built an attractive and sound business model addressing this growing and unmet medical need."

The investment is key to furthering the company's promising progress in developing these groundbreaking treatments and entering clinical trials. The company hopes to offer acute kidney injury patients a safe and effective treatment option for this life threatening disease in the not too distant future.

"The AlloCure team has developed an impressive scientific foundation which has enabled it to obtain all the regulatory approvals necessary to begin its Phase I Clinical Trial," said Thomas Dyrberg, Senior Partner at Novo. "We anticipate that substantial clinical progress will be made ove
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SOURCE AlloCure Inc.
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