Safeguard Scientifics Inc (SFES)

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News for 'SFE' - (Garnet Biotherapeutics raises $10.4 million in financing)


Feb 04, 2009 (Datamonitor via COMTEX) -- Garnet Biotherapeutics, a regenerative
medicine company, has closed a $10.4 million round led by SCP Vitalife Partners
II.

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.