PROVIDENCE – Semma Therapeutics, a Massachusetts biotechnology company with ties to Providence, recently raised $114 million in an equity financing round.
The company, based in Cambridge, Mass., is developing encapsulated stem cell-derived islets, a potential cell therapy for individuals with diabetes, along with other regenerative medicine therapeutics.
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Semma raised the funding in what the company describes as a “highly oversubscribed” Series B financing round.
The biotech firm in 2015 acquired CytoSolv Inc., a Providence-based startup that received early-stage funding from Slater Technology Fund, a publicly funded venture capital firm.
The company has offices in Providence.
“We are well-positioned, between Semma’s scientific progress and this recent financing, to bring Semma’s lead therapeutic through clinical proof of concept in patients with Type 1 diabetes, while we expand into related arenas and build a leading regenerative medicine company,” said Dr. Mark C. Fisherman, chairman of the board at Semma.
The investment round was led by Eight Roads Ventures and Cowen Healthcare Investments. All existing investors also made “significant investments.”
Correction: An earlier headline and version of this story misstated the total amount raised.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
