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Ann Arbor's CytoPherx raises $5M in VC, plans to hire 2
Wednesday, June 30, 2010
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CytoPherx is in the money these days now that it has corralled $5 million of its $7.5 million venture capital fundraising goal.
The Ann Arbor-based bio-tech firm is acquiring capital for a Series B tranche of fundraising. This is not the 3-year-old firm's first trip to the angel investor and venture capital rodeo to bring in funding for its clinical trials.
"The proceeds (of this latest round of VC) will be used to fund our FDA pilot trial for our acute renal failure product," says Mark Morsfield, CFO of
CytoPherx
.
The University of Michigan spin-off is developing new therapies for patients who suffer from acute and chronic kidney disease. It hopes to flip the current survival rates so 70 percent or more of patients with kidney disease can go on to live fulfilling lives.
CytoPherx
employs a dozen people in Ann Arbor. It expects to hire two more to serve as clinical trial support staff by the end of this year.
Source: Mark Morsfield, CFO of CytoPherx
Writer: Jon Zemke
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