Hackensack, New Jersey (PRWEB) October 23, 2006
Amorcyte, Inc. (Amorcyte), a privately funded biotechnology company developing cell therapy products to treat cardiovascular disease, has secured additional funding to complete its first Phase I trial and pursue additional cell therapy opportunities for cardiac and vascular diseases.
The financing was placed by PA Early Stage Partners, a family of venture capital funds 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 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 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, FACC. 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 http://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 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 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.
Thomas J. Moss, MD
Chief Medical Officer