27 Jun Wisconsin investors the lifeblood of New Jersey biotech
Milwaukee, Wis. – Lifeblood Medical, Inc., a Freehold, N.J. organ preservation business, has raised $1.25 million in a Series B financing involving 21 private investors from Wisconsin.
This round of financing, coordinated through Frederick & Co., a Milwaukee investment banking firm, will allow Lifeblood Medical to proceed with plans to hire key employees and to seek Food and Drug Administration approval for its LIFOR organ preservation solution.
“I would like to thank all of the investors in the state of Wisconsin for their support and belief in Lifeblood Medical with the potential contributions we can make in the field of organ transplantation,” Joseph Fisher, president and CEO of Lifeblood Medical, said in a statement.
Lon Frederick, president of Frederick & Co., said this round of financing represents the fastest closing and receipt of funding that his company has experienced. Frederick has a stable of roughly 200 accredited angel investors whom it connects to issuing companies.
Frederick & Co. also coordinated an earlier round that raised $1 million for Lifeblood Medical through one private investor.
With the combined $2.25 million, Lifeblood Medical can move forward with its proprietary reagents that are designed to lengthen the preservation of harvested cells, tissues, and organs.
The company will distribute products called LiforCell and LiforLab for cell and tissue preservation.
The LIFOR product, which is designed for whole organ preservation, will undergo clinical trials for the support of heart and kidney harvesting, transporting, and re-implantation. The company expects FDA approval later this year.
According to Fisher, these products support the ability to have a readily available kidney through an organ bank network, a kidney that has been properly screened for cross matching and tested for viral and other infections.
This could not only improve the human quality of life, he said, but significantly reduce the nation’s healthcare costs.
Lifeblood Medical has more than one tie to Wisconsin. Earlier this year, the company entered into separate agreements with the Medical College of Wisconsin to study LIFOR(R). The studies are exploring ways to increase the product’s ability to preserve human hearts and kidneys in a transplantation condition beyond 36 hours.
• State tracks more angel investment, at least $19M last year
• Tom Still: Angel capital helps to pave the way for venture investments
• Darrell Dvorak: They’re Back: Technology Industry Spotting Angels Once Again