US-based regenerative medicine company Juventas Therapeutics secured $7.5m yesterday in series B-2 funding co-led by healthcare conglomerate Green Cross Holdings and Posco Capital, a venture capital subsidiary of steel producer Posco.
Undisclosed existing and other new investors also participated in the round, closed concurrently with $6m in debt financing from Oxford Finance which could be raised to $15m if Juventas reaches certain undisclosed milestones.
Founded in 2011 as a spin-out of clinical-stage biotechnology company SironRX Therapeutics, Juventas is working on a non-viral gene therapy that enables the human body to repair tissue using stem cells following injury to an organ.
The company will use the series B-2 funding to enter the therapy into a Phase 2b clinical trial.
Pharmaceutical company Takeda’s corporate venturing subsidiary, Takeda Ventures, took part in Juventas’ initial $22.2m series B round in 2012, which was co-led by Triathlon Medical Venture Partners and New Science Ventures.
The 2012 funding also featured The Global Cardiovascular Innovation Centre, Fletcher Spaght Ventures, Reservoir Venture Partners, Early Stage Partners, Venture Investors, Tri-State Growth Fund, Glengary and a range of angel investors.
Juventas had already raised $3.4m in a series A round led by North Coast Angel Fund, receiving a $1m grant from the Ohio Third Frontier programme the same year. It also secured $5m in equity and debt financing in 2013, according to a regulatory filing.