US-based biopharmaceutical company Ankasa Regenerative Therapeutics raised the $8.5m first tranche of its $17m series A round yesterday, securing cash from investors including industrial product maker Heraeus.
Heraeus, which invested through its medical equipment manufacturing subsidiary, Heraeus Medical, was joined by venture capital firm Avalon Ventures, which led the round, and VC fund Correlation Ventures.
Ankasa is developing a stem cell activator that could potentially to speed up tissue healing in a degenerative conditions that affect bone, cartilage, skin, muscle, vasculature and the body’s central nervous system. It hopes to begin clinical trials for spinal fusion treatment by the end of 2017.
Andre Kobelt, president of Heraeus, said: “Ankasa is an impressive company that has the potential to drastically improve the current approach to degenerative orthopaedic indications. This is an exciting technology that for Heraeus Medical, as a pure-play orthobiologics company, will allow us to expand our regenerative market footprint.”