Frederick-based RoosterBio raised more than $15 million in a Series B funding round as the cell manufacturing technology company looks to grow its team.
The funding was led by Dynamik Capital, with participation from new and existing investors. RoosterBio is expecting to close the funding round at $22 million by the end of August.
Founded in 2013, RoosterBio developed technology to simplify biomanufacturing of specific kinds of stem cells that are commonly used in regenerative medicine. There’s a need to increase access to the the stem cells among researchers and scientists, the company says. The products are designed to increase availability of the stem cells for use, as well as making them available more quickly and reducing cost.
“It is critical that we empower scientists to get innovative products to the market more efficiently in order to develop life-saving cures,” Daniella Kranjac, founding partner of Dynamik Capital, said in a statement. “RoosterBio’s pioneering biotechnology platform is driving the revolutionary field of regenerative medicine which has the potential to develop therapies for previously untreatable diseases and conditions.”
With the funding, RoosterBio is looking to expand its team as the company grows internationally, and bolster R&D on new solutions.
RoosterBio launched at the Frederick Innovative Technology Center, Inc., and last year moved into a new facility on Westview Drive. The company took additional space amid growth at the beginning of this year, as well.