Garnet will use the proceeds to fund Phase II clinical trials of its proprietary human adult bone marrow-derived cells, as well as manufacturing and development. Safeguard Scientifics and Alliance Technology Ventures also participated in the financing.
Gerri Henwood, CEO of Garnet Biotherapeutics, said: “This agreement provides us with financial resources to realize the potential of our cell-based therapy platform through a clear and defined clinical strategy. We view the participation of these stellar investors as a vote of confidence in the value of our technology and the commercial prospects of our product portfolio.”
With this investment, Wayne Weisman, managing director of SCP Vitalife Partners, along with Gary Kurtzman, vice president and managing director in Safeguard’s Life Sciences Group and Jim O’Connell, senior associate and Kauffman Fellow in Safeguard’s Life Sciences Group will join Ms Henwood on Garnet Biotherapeutics’s board of directors.