Maryland Venture Fund invests $500K in regenerative medicine
Cytomedix, a regenerative medicine company working to promote healing from chronic wounds and diseases, will receive a $500,000 investment from the Maryland Venture Fund within the Maryland Department of Business & Economic Development, officials announced Wednesday.
The Gaithersburg-based company was selected through the MVF’s InvestMaryland program. The state’s contribution is part of the company’s ongoing $27.5 million capital raise. Cytomedix plans to add 13 staffers and increase its national and international marketing efforts.
“Strategic investments in companies like Cytomedix help reinforce Maryland’s leadership in the life sciences, as well as position the State as an ideal place where entrepreneurs are developing innovative treatments, diagnostics and cures,” DBED Secretary Dominick Murray said in a statement. “Through InvestMaryland, we are able to make investments in cutting-edge companies like Cytomedix, which will help grow the next generation of companies and jobs in Maryland.”
“We are pleased and grateful to receive this funding through InvestMaryland,” Cytomedix CEO Martin Rosendale said in a statement. “The State of Maryland has elected to support our continued growth, helping patients with significant unmet medical needs such as those suffering with chronic wounds, peripheral arterial disease, or ischemic strokes. By building on milestones achieved in 2012, these funds will be used to expand our commercial operations in Maryland, resulting in more patients helped and more jobs created in the state.”
According to the statement released by DBED, Cytomedix is performing groundbreaking work in harnessing the body’s natural healing abilities through the manipulation of a patient’s own cells.
Cytomedix’s product line is headlined by the AutoloGel System, a device that derives from a patient’s own blood a platelet-rich plasma (PRP) gel that stimulates the natural healing of chronic wounds. The company’s portfolio also includes the Angel Whole Blood Separation System, a blood processing device that separates whole blood into red cells, platelet-poor plasma (PPP) and PRP for surgical and orthopedic uses. Cytomedix’s development pipeline of other regenerative cell therapies utilizes proprietary ALDH Bright Cell (ALDHbr) technology to isolate stem cells for therapeutic use. The company is conducting a Phase Two trial of a treatment for ischemic stroke using ALDHbr Bright Cells.
Initial funding of $84 million for InvestMaryland was generated through an online auction of tax credits to Maryland insurance companies. It is now the largest venture capital investment initiative in Maryland’s history.
Learn more about the InvestMaryland program here.