Amorcyte Secures Additional Funding to Expand Clinical Program in Cardiovascular Cell Therapy.PA Early Stage Joins Colt Ventures in Expanding Amorcyte's Product Program HACKENSACK, N.J. -- Amorcyte, Inc. (Amorcyte), a privately funded biotechnology company developing cell therapy products to treat cardiovascular disease Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease , has secured additional funding to complete its first Phase I trial and pursue additional cell therapy opportunities for cardiac and vascular diseases vascular diseases, n.pl diseases of the peripheral circulatory system. . The financing was placed by PA Early Stage Partners, a family of venture capital funds Venture Capital Funds An investment fund that manages money from investors seeking private equity stakes in small and medium-size enterprises with strong growth potential. Notes: headquartered in Wayne, Pennsylvania that invests in early stage life sciences and technology companies. This funding adds to the $4.2 million first round, announced in June, which was led by Colt Ventures. Paul J. Schmitt, Managing Director of PA Early Stage, stated, "Amorcyte has designed its clinical trial to address the issues of therapeutic potency (cell dose) and identity (cell type). Data reported from three studies in a recent edition of the New England Journal of Medicine The New England Journal of Medicine (New Engl J Med or NEJM) is an English-language peer-reviewed medical journal published by the Massachusetts Medical Society. It is one of the most popular and widely-read peer-reviewed general medical journals in the world. and a subsequent editorial in the journal Science independently supports this approach." "Our ongoing ability to raise capital at this early stage is a strong endorsement of our business and clinical plans," said Amorcyte's Chairman of the Board, Dr. Andrew L. Pecora. "Our investors are confident that Amorcyte will be a platform to develop multiple, commercial-scale cell-based therapies to treat cardiac and vascular diseases." Amorcyte expects patient accrual for its 40-patient Phase I clinical trial Noun 1. phase I clinical trial - a clinical trial on a few persons to determine the safety of a new drug or invasive medical device; for drugs, dosage or toxicity limits should be obtained phase I to be completed in December. The Phase I trial is now open at the Emory University School of Medicine in Atlanta, Georgia under Principal Investigator, Arshed A. Quyyumi, MD, FRCP FRCP Fellow of the Royal College of Physicians. FRCP abbr. Fellow of the Royal College of Physicians , FACC FACC Fellow, American College of Cardiology . Amorcyte is in final negotiations to open the trial at two other leading cardiology centers. Amorcyte is actively recruiting patients for the trial. About Amorcyte, Inc. Amorcyte, Inc is a therapeutics company pursuing cell-based therapies for cardiovascular diseases, reimbursable on a commercial scale for widespread clinical use. Amorcyte was incorporated in May 2005 and received approval for its Phase I trial in September 2005. Watch for the launch of www.amorcyte.com. About PA Early Stage Partners PA Early Stage Partners, founded in 1997, is an active and experienced family of venture capital funds that seek portfolio companies located in the corridor from New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of to Washington, D.C.. PA Early Stage invests in early stage Technology and Life Sciences companies, typically as a lead or co-lead investor. PA Early Stage currently has approximately 30 active portfolio companies and more than $235 million under management across three venture funds. About Cardiovascular Disease It is estimated that each year there are approximately 1.1 million instances of acute myocardial infarctions, 12 million cases of chronic ischemia and 5 million occurrences of congestive heart failure congestive heart failure, inability of the heart to expel sufficient blood to keep pace with the metabolic demands of the body. In the healthy individual the heart can tolerate large increases of workload for a considerable length of time. in the United States. A significant percentage of these patients may benefit from additional therapies to ameliorate the symptoms of their disease. Therapies like those being developed by Amorcyte are under active investigation to determine safety and efficacy. |
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