US-based regenerative medicine technology developer Humacyte raised $150m today in a series B round led by a consortium of investors including conglomerate Access Industries.
Access was joined by financial services firm Bangkok Bank Public Company, property developer Reignwood Group, investment manager Pacific Eagle Asset Management, Brady Dougan and Gavril Yushvaev.
The financing will support phase 3 clinical trials of Humacyl, the investigational human acellular vessel Humacyte is developing. Humacyl will provide vascular access for patients with end stage renal disease whose kidneys do not function properly anymore, and who require their blood to be cleaned.
Carrie S. Cox, CEO of Humacyte, said: “We believe this is one of the largest private funding rounds in biotech to date, comprised of investors from the US and around the world. We are elated by this overwhelming response, and our investors are excited to be part of the effort to bring such ground-breaking technology to patients.
“This funding will further support our team’s work to develop a much needed alternative to current dialysis access products, and will allow us to continue the progressive research and development of future products where Humacyte’s technology may be applied for patients with significant unmet medical needs.”
Humacyte previously raised $49.8m in debt financing between 2007 and January 2015. It plans to issue a second tranche of series B shares once it has reached an undisclosed clinical milestone.
Credit Suisse advised, and acted as underwriter and placement agent for the fundraising.