Port Covington-based regenerative medicine company LifeSprout closed a $28.5 million Series A financing round to support clinical development of its first product, said cofounder Dr. Sashank Reddy.
The round was led by San Francisco-based Redmile Group, LLC. Institutional investors joining also included Nexus Management LP, which was launched by Inner Harbor-based Camden Partners, New York-based Emerald Development Managers, LP and the Baltimore-based Abell Foundation.
Founded in 2015 by a group of scientists and surgeons at Johns Hopkins, the company licensed technology from the university and developed a platform, called Regenerative Matrix, that has materials which are engineered to look and feel like the body’s natural tissue and can form the basis for products to help patients who experience soft tissue loss from aging, cancer and metabolic disease.
It is moving toward clinical trials of its first product, called Lumina, which is designed for facial aesthetics. The company is working toward beginning clinical trials, where the product is tested for safety and efficacy in patients, and submitting to the U.S. Food and Drug Administration. It is also planning additional platform work on cell therapy products.
Going forward, the company expects to expand its team of 12 people with additional hiring in management and scientific roles, Reddy said.
LifeSprout previously raised a $6.5 million seed round, and has also received funding from TEDCO and its Maryland Stem Cell Research Fund. Along with being larger, this round closed during a pandemic. Reddy credited the investors for sticking with the round throughout.
“It’s testament to the vision of our investors as well as strength of our technology and team that this was able to get done at this time,” Reddy told Technical.ly.
With local investment firms participating alongside funding round lead Redmile, the company is looking to continue to build locally. Last year, LifeSprout moved into The LaunchPort at City Garage, which offers medical device companies access to manufacturing resources.
“We have the opportunity to continue to grow in Baltimore, which we’re really excited about,” Reddy said.-30-