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news.Q Therapeutics, a biotechnology company pursuing cell-based therapies for the central nervous system, has closed on a first tranche of its $15 million series B financing.
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The round was led by vSpring Capital; other investors include Invitrogen, Epic Ventures (Formerly Wasatch Venture Fund), Toucan Capital, University of Utah Research Foundation, Salt Lake Life Science Angels and Q management.
Q is conducting preclinical studies to support the filing of an investigational new drug application with the FDA using Q-Cells for the treatment of transverse myelitis, a rapidly paralyzing subset of multiple sclerosis. Clinical trials are anticipated at Johns Hopkins in 2009.
Deborah Eppstein, president and CEO of Q Therapeutics, said: “This investment will help accelerate our efforts to bring important new treatments to the clinic for these extremely debilitating neurodegenerative diseases.”