CytoSolv Inc., a wound healing startup initially focused on diabetic ulcers, has raised $500,000 in seed funding from The Slater Technology Fund.
The Slater Technology Fund today announced that it has committed $500,000 in seed-stage funding to a newly-formed biomedical company, CytoSolv Inc. The company was founded by Moses Goddard, M.D., and Christopher Thanos, Ph.D., based upon research to be published in the upcoming issue of scientific journal Cell Transplantation.
CytoSolv is developing proprietary technology to address wound healing, initially targeting diabetic ulcers. Its technology involves a mixture of wound-healing factors derived from porcine choroid plexus (CP), a key component of the blood brain barrier, which naturally secretes a variety of proteins into the cerebrospinal fluid responsible for growth, differentiation, nurturing and maintenance of the healing function. In collaboration with Living Cell Technologies, Ltd. (ASX:LCT), a publicly-traded company with operations in Australia and New Zealand, the group has previously shown that biologicals derived from this source have therapeutic potential in numerous indications, particularly neurodegenerative disorders.
Through its collaboration with LCT, CytoSolv has gained access to source material from a genetically pure swineherd that has been isolated on a remote island off the southern coast of New Zealand. Working with this material, the company is developing technology around the isolation and purification of CP-derived proteins for use in tissue regeneration. Its technology allows the modulation of factor composition using tissue engineering strategies to produce an array of therapies, encompassing acute and chronic wound-healing applications.
The principals of CytoSolv have long-term affiliations with Brown University and have been actively engaged in several life science ventures based in Rhode Island. Dr. Goddard received his M.D from Brown in 1979, has been on the faculty at Brown Medical School since 1985, and has played key roles in the development of RI-based ventures CytoTherapeutics, Inc., Neurotech Inc., and LCT BioPharma Inc. Dr. Thanos received his Sc.B. and Ph.D. degrees from Brown in 1997 and 2001, respectively, currently maintains an adjunct faculty appointment in the Department of Pathology and Laboratory Medicine, and has also played principal roles at Neurotech Inc., LCT BioPharma Inc, and TSC Group.
The company has just completed a move to 117 Chapman St. in Providence, where the office and laboratory facilities were built by Belvoir Properties.
CytoSolv has generated promising pre-clinical data using its technology and plans to use the seed funding from Slater to pursue more advanced pre-clinical development in the year ahead.
“It is an impressive team of scientists, clinicians and engineers that has come together to launch CytoSolv,” said Richard G. Horan, senior managing director of the Slater Technology Fund. “With a track record of successful collaboration in cell therapy and tissue engineering and the background and experience gained in a number of RI-based biotech startups, CytoSolv represents one of the most exciting new ventures to emerge in the life sciences sector here in the state in recent years.”
About Slater Technology Fund
The Slater Technology Fund is a state-backed venture capital fund that invests in new ventures committed to basing and building their businesses in Rhode Island. Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.