Regenerative medicine company based in Port Covington LifeSprout closed $ 28.5 million Series A funding round to support clinical development of its first product, co-founder said Dr. Sashank Reddy.
The round was conducted by a San Francisco-based company Redmile Group, LLC. Institutional investors joining also included Nexus Management LP, which was started by Inner Harbor based Camden Partners, based in New York Development Managers Emerald, LP and the Baltimore-based company Abell Foundation.
Founded in 2015 by a group of scientists and surgeons from John hopkins, the company obtained a license for the technology from the university and developed a platform, called Regenerative matrix, which contains materials designed to resemble natural body tissues and may form the basis of products to help patients with soft tissue loss due to aging, cancer and metabolic diseases.
She is heading towards clinical trials of her first product, called Lumina, which is designed for the aesthetics of the face. The company is striving to begin clinical trials, where the product is tested for safety and efficacy in patients, and to submit to the United States Food and Drug Administration. It also plans additional platform work on cell therapy products.
Going forward, the company plans to expand its team to 12 people with additional hires in management and scientific roles, Reddy said.
LifeSprout has already raised a funding round of $ 6.5 million and has also received funding from TEDCO and his Maryland Stem Cell Research Fund. As well as being more important, this cycle ended during a pandemic. Reddy thanked investors for following the cycle throughout.
“This is a testament to the vision of our investors as well as the strength of our technology and our team that it has been able to be achieved at this point,” said Reddy. Technically.
With local investment firms participating alongside the Redmile funding round, the company seeks to continue to grow locally. Last year, LifeSprout moved into The LaunchPort at the City Garage, which provides medical device companies with access to manufacturing resources.
“We have the opportunity to continue to grow in Baltimore, which we are really excited about,” said Reddy.