Advanced BioHealing, Inc. Secures $25.5 Million Series C Financing
Safeguard Scientifics, Inc., which builds value in growth-stage technology and life sciences companies, recently announced a $25.5 million Series C financing round for Advanced BioHealing, Inc. (“ABH”), a leader in regenerative medicine, of which Safeguard led with $8 million. ABH intends to use the proceeds from this financing to complete the launch and expand the market for its FDA-approved product Dermagraft, for the treatment of full-thickness diabetic foot ulcers.
Focused specifically on regenerative medicine, ABH recently announced its launch of Dermagraft, as well as the start of a pilot human clinical trial for Celaderm, ABH’s next generation bio-engineered product that ABH believes will accelerate the healing of venous leg ulcers as compared with optimal standard therapy.
“As our population ages, effective, highly accurate, and value-oriented healthcare products and services will continue to attract greater demand,” said Peter J. Boni, President and Chief Executive Officer of Safeguard Scientifics. “Simultaneously, the life science industry seeks new, innovative ways to enhance diagnosis of disease. We believe that ABH is in line with this changing environment, which we believe will ultimately build value for our shareholders.”
Safeguard has partnered with and has interests in several other life science companies.
“ABH represents our seventh life sciences partner company,” stated James A. Datin, Executive Vice President and Managing Director of Life Sciences at Safeguard. “We are actively exploring new market opportunities, evaluating deals and providing strategic guidance and support to our partner companies. We welcome the ABH team into the Safeguard family and look forward to their ongoing success in commercializing improved treatments for advanced wound care.”
As part of this transaction, Gary J. Kurtzman, MD, vice president of Life Sciences at Safeguard, has joined ABH’s Board of Directors.
“ABH is a specialty biotechnology company focused on the development and marketing of cell-based and tissue-engineered products,” said Kevin Rakin, Chief Executive Officer of ABH. “Dermagraft provides us with a strong foundation from which to create a portfolio of complementary products in the area of wound healing, as well as to expand into indications where our technology is most effective. As a result of the Series C funding provided by Safeguard and a syndicate of venture capital groups and investors, ABH is in a position to more aggressively pursue its goal of being a leader in commercializing regenerative medicines.”
Advanced BioHealing, Inc. is a leader in regenerative medicine. The company is focused on the development and marketing of cell-based and tissue-engineered products. Privately held, ABH has two approved products: Dermagraft and TransCyte. The company’s development pipeline also includes a next-generation bioengineered wound therapy for which the FDA has approved two Investigational Device Exemption (IDE) exemptions.
For more information, please visit: www.advancedbiohealing.com