PROVIDENCE – Cytosolv Inc., a newly formed biomedical company that got $500,000 from the Slater Technology Fund last year, has offered further details about the treatments it hopes to bring to market.
Cytosolv was incorporated last April by Dr. Moses Goddard, an associate professor of surgery at Brown University, and Christopher Thanos, a research biologist at Brown.
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Cytosolv is developing a topical gel that could help heal wounds, notably diabetic ulcers, using factors derived from porcine choroid plexus cells. The research the company is working on will be published in an upcoming issue of the journal Cell Transplantation.
Slater Senior Managing Director Richard G. Horan said Cytosolv had “an impressive team of scientists, clinicians and engineers” behind it. The half-million-dollar investment in Cytosolv was one of Slater’s two largest in its last fiscal year, which ended June 30.
“With a track record of successful collaboration in cell therapy and tissue engineering and the background and experience gained in a number of Rhode Island-based biotech startups, CytoSolv represents one of the most exciting new ventures to emerge in the life sciences sector here in the state in recent years,” he said.
The Slater Fund was part of a group of investors in Cytosolv that also included Living Cell Technologies Ltd., a Papatoetoe, New Zealand-based cell implant company. Living Cell took a 10 percent ownership stake in Cytosolv in exchange for a restricted supply of and license to use cell clusters created by the New Zealand firm.
“Although this collaboration is outside LCT’s core business of live cell implants, the topical use of secreted products from porcine CP cells offers a potential revenue stream from supply of cells and investment return,” Living Cell CEO Dr. Paul Tan said in a statement. “The experienced team at CytoSolv has produced very promising preliminary data, and we look forward to continuing this exciting collaboration.”
Thanos and Goddard were involved in the development of other Rhode Island companies such as LCT BioPharma Inc. and Neurotech Inc., according to Slater.
