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news.AlloCure has announced the closing of a $14.5 million Series A financing. The round was led by SV Life Sciences with Novo joining the syndicate.
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The company will use the investment to fund the progression of its acute kidney disease therapy through Phase II clinical trials over the next three years.
Funds will also be used to develop a robust pipeline targeting other large medical markets where its cell therapy technology can address chronic unmet needs, the company said.
John Wirthlin, president and CEO of AlloCure, said: “This financing represents a significant step forward in developing the first cell therapy to effectively treat patients who are suffering from acute kidney injury. We look forward to working closely with our investors to successfully commercialize this unique and proprietary technology.”