Date: 2013-03-11
Type of information: Financing round
Company: Progenitor Labs (UK)
Investors: SR One (UK)
Amount: £ 4 million
Funding type: financing round
Planned used: Progenitor Labs is Plasticell’s regenerative medicine drug discovery spin-off. The company develops small molecule drugs to regenerate specific tissues of the human body in response to injury, disease or ageing. The financing will enable the company to discover small molecule drugs for a number of serious diseases. Progenitor uses CombiCult® combinatorial stem cell technology to produce synthetic adult progenitor cells that resemble those lying dormant in a patient’s target tissue. Pharmaceutical drug screens can then be performed to discover compounds that instruct the progenitor cells to generate terminally differentiated cells, thereby restoring organ function. Whereas most currently available drugs treat the symptoms of illness, drugs that regenerate diseased organs will address the root cause of disease. Progenitor will be based at Stevenage Bioscience Catalyst (SBC), the UK’ s first open innovation bioscience campus. Concurrent with the financing, Progenitor has also entered into an agreement with Scinovo™, GSK’s scientific consultancy and technical support model, which includes access to GSK scientists with a proven track record of bringing compounds from discovery through to launch.
Others: * On March 11 2013, Progenitor Labs has announced that it has raised £4 million ($5.8million) in seed financing from SR One’s UK Fund.
Therapeutic area: Technology - Services
