Tcel Funding News ! Receives Funding From Sofinnova Partners To Advance Development Of Tissue And Organ Repair: Awarded $5.7 Million In Funding [Market News Publishing (US)]
THERAPY CELLS INC
THERAPY CELLS INC ("TCEL-0") - Receives Funding From Sofinnova Partners To Advance - Development Of Tissue And Organ Repair: Awarded $5.7 Million - In Funding
Therapy Cells, Inc. (Therapy Cell or the Company), an early-stage bioengineering company developing products that address unmet medical needs in the areas of cell re-growth in damaged tissue and organs, announced today Sofinnova Partners exercised its option to advance the development of Therapy Cells patented cell process. The overall objectives of the contract are to advance the development of Therapy Cells technology, obtain FDA approval, start clinical trials and bring equine products to market. The exercised option will provide Therapy Cells with an initial $2.7 million in funding. If all contract options are exercised, the total award of up to $5.7 million will support the preclinical, manufacturing and clinical development activities necessary to continue to advance our patented process with the US Food and Drug Administration (FDA).
Therapy Cells CFO, Mr. John Meredith said, "This investment by Sofinnova Partners enables us to begin efforts to open clinical trial sites during next quarter for our Phase I study, following the protocols which we expect the FDA to approve in the very near future." Mr. Meredith, further commented that, "We are excited about the development and commercialization of our patented Therapy Cell technology for the treatment of cell re-growth and repair. The body of evidence supporting the use of Therapy Cells in tissue and organ re-growth is well established, and we believe our product provides a number of advantages over any other stem cell products, including improved bioavailability and more consistent results."
TCEL will use this funding to immediately accelerate its development program, which is focused on the treatment of damaged tissue, cells, tendons and organs using our patented process. In particular, Therapy Cells will shortly be commencing a Phase I clinical trial designed to determine the safety and effectiveness on patients with major heart, lung, liver or pancreas damage. Preliminary results are expected to be available by mid 2016.
Therapy Cells would also like to announce that their new website is nearing completion and will launch in the following weeks. In addition they plan to bring the equine Therapy Cells product to market within the next 30 days for immediate sale and disbursement. We predict this will bring about an immediate positive impact on our bottom line and will bring added value to our long term investors.
