RenaMed Biologics Secures $40 Million in Private Equity Financing; Funds to Advance Clinical Development of Renal Bio-Replacement Therapy for the Treatment of Acute Renal Failure.WESTBOROUGH, Mass. -- RenaMed Biologics, Inc. (RenaMed(TM)) announced today that it has successfully completed a $40 million mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the . The funds will be used to continue the clinical development of the company's Renal Bio-Replacement Therapy for Acute Renal Failure acute renal failure Acute kidney failure Nephrology An abrupt decline in renal function, triggered by various processes–eg, sepsis, shock, trauma, kidney stones, drug toxicity-aspirin, lithium, substances of abuse, toxins, iodinated radiocontrast. , as well as support its move to a new headquarters and manufacturing facility in Westborough, MA. TVM TVM Time Value of Money (business, finance, economics) TVM Ticket Vending Machine TVM Thanks Very Much (logging abbreviation) TVM Transmission Voie Machine Capital and Lurie Investments co-led the financing and were joined by several new investors, including MDS MDS, n See temporomandibular pain-dysfunction syndrome. MDS 1 Maternal deprivation syndrome, see there 2 Myelodysplastic syndrome, see there Capital, Merlin BioMed Group, Dow Employees' Pension Plan and TSC TSC Thestreet.com (stock symbol) TSC Time Stamp Counter TSC Tuberous Sclerosis Complex TSC Tractor Supply Company TSC Terrorist Screening Center (Department of Homeland Security) BioVenture Capital Corporation. Existing investors who also participated in this round include: Apjohn Ventures Fund, BD Ventures (Becton Dickinson), Bio*One Capital (Singapore), and NorthCoast Technology Investors. As part of this financing, RenaMed expanded its Board of Directors to include Dr. Gert Caspritz, general partner of TVM Capital, and Gerry Brunk, venture partner of MDS Capital. "This was a very successful financing round which exceeded our objectives and brought several new strong life science investors into RenaMed," said Greg Phelps, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of RenaMed. "I am encouraged by the positive financial market response to our lead product and progress. The funds raised enable us to drive the clinical development of our Acute Renal Failure program through Phase 2 this year and into Phase 3 next year, complete the build-out and commissioning of manufacturing in our Westborough, MA facility, and expand investment in other programs." RenaMed is developing Renal Bio-Replacement Therapy (RBT RBT Requirements Based Testing RBT Ring Back Tone RBT Random Breath Testing RBT Rainbow Trout (fish species) RBT Rabat-Malta (postal locality, Malta) RBT Risk Based Testing ) to temporarily replace lost kidney functions in ICU ICU intensive care unit. ICU abbr. intensive care unit ICU see intensive care unit. ICU patients with Acute Renal Failure (ARF), as a bridge to survival and full recovery. RBT is administered ex vivo ex vivo /ex vi·vo/ (eks´ ve´vo) outside the living body; denoting removal of an organ (e.g., the kidney) for reparative surgery, after which it is returned to the original site. using physiologically active human renal epithelial cells Epithelial cells Cells that form a thin surface coating on the outside of a body structure. Mentioned in: Corneal Transplantation incorporated in a hollow-fiber dialysis cartridge. RBT works in conjunction with current filtration therapies and fits into standard hospital ICU procedures. In 2005 RenaMed entered into a strategic collaboration with Genzyme Corporation to jointly develop RBT for ARF, and the product is currently in a second Phase 2 trial. "RenaMed has demonstrated significant progress in the development of its Renal Bio-Replacement Therapy for the treatment of Acute Renal Failure," said Dr. Gert Caspritz, general partner of TVM Capital. "ARF is a severe problem with an extremely high mortality rate and currently no effective treatment options. However, RenaMed has shown exciting Phase 2 clinical results in a randomized ran·dom·ize tr.v. ran·dom·ized, ran·dom·iz·ing, ran·dom·iz·es To make random in arrangement, especially in order to control the variables in an experiment. and well-designed study. Led by a very strong management team, the company has built the development and manufacturing expertise necessary for success and has put in place a strategic collaboration with Genzyme. It is the strength of these accomplishments and prospect for success that made this a compelling, strategic investment for TVM Capital." Lehman Brothers of 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 served as the placement agent for the financing. About TVM Capital TVM Capital, founded in 1983, is a transatlantic venture capital firm, with offices in Boston and Munich. Since inception TVM Capital has raised over $1.6 billion in six fund generations and has established itself as a leading technology investment group in the United States and Europe. TVM funds have made investments in more than 220 life sciences and information technology companies where innovation, effective management and sound financial backing have enormous impact on company growth. TVM's in-depth knowledge of the U.S. and European environments helps companies create businesses that enjoy access to science, management talent, distribution channels and capital on both sides of the Atlantic. More than 40 companies have gone public at European or US stock exchanges. Today, TVM Capital is actively invested in more than 60 companies. For more information, please visit www.tvm-capital.com. About RenaMed Biologics RenaMed Biologics, Inc. is the leading clinical stage company focused on the development of proprietary Bio-Replacement Therapies for critical disease states involving compromised kidney function. The company's lead product is intended to replace the biologic functions of the kidney that are lost in patients with Acute Renal Failure (ARF). The product utilizes physiologically active human renal epithelial cells, administered ex vivo in a hollow fiber dialysis cartridge. Renal Bio-Replacement Therapy works in conjunction with existing filtration therapies and is designed to provide comprehensive kidney support. Renal Bio-Replacement Therapy is intended to dramatically improve the survival for patients suffering from ARF. For more information, please visit www.renamedbio.com. |
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