RenaMed Biologics, Inc. announced last week that it completed a $40 million mezzanine financing. The funds, used to continue clinical development of the company’s renal bio-replacement therapy for acute renal failure, will also be used to support a move to new headquarters and manufacturing facility in Westborough, Mass.
TVM Capital and Lurie Investments co-led the financing and were joined by several new investors, including MDS Capital, Merlin BioMed Group and TSC BioVenture Capital Corporation. Existing investors who also participated include Apjohn Ventures Fund, BD Ventures (Becton Dickinson), Bio*One Capital (Singapore) and NorthCoast Technology Investors.
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“This was a very successful financing round which exceeded our objectives and brought several new strong life science investors into RenaMed,” said Greg Phelps, chairman and CEO of RenaMed. “I am encouraged by the positive financial market response to our lead product and progress.”
He added the funds raised will drive the clinical development of the company’s acute renal failure program through phase two this year and into phase three next year. It will also enable the company to “complete the build-out and commissioning of manufacturing in our Westborough, Mass. facility and expand investment in other programs.”
