Recombinetics Closes $34 Million in Series A Funding
ST. PAUL, Minn.--(BUSINESS WIRE)--Aug 21, 2018--Recombinetics, a pioneer in gene-editing solutions for human health and animal agriculture, today announced the completion of a $34 million Series A financing round.
“We’re pleased to announce the successful completion of our Series A Round,” said Tammy Lee, President and CEO of Recombinetics. “This financing will allow us to accelerate commercialization of this transformative science to help find cures for human diseases, develop new regenerative medicine products and breed animals that are healthier and more productive.”
The Company’s Founder, Dr. Scott Fahrenkrug, added, “The success of this capital raise reflects confidence in the vision of Recombinetics’ founders, and in the ability of the Board of Directors and management team to execute against that vision. The proceeds will accelerate the commercialization of genetic solutions for animal agriculture, swine preclinical research, and so-called “oinkubators” for producing therapeutic cells, tissues and organs.”
Proceeds will be used to accelerate new research and development by adding scientists and expertise focused on emerging science, including regenerative medicine; to continue to add to our robust intellectual property and patent portfolio; expand the laboratory, animal care and advanced reproductive facilities; and build out the business development, product marketing and management team to take advantage of licensing and co-development opportunities. In conjunction with this financing, Recombinetics has converted or repaid all of its outstanding debt.
About Recombinetics Founded in 2008, Recombinetics (RCI) has a single gene-editing technology platform that supports three business lines: Acceligen (precision breeding to enhance health, well-being and productivity in food animals and aquaculture); Surrogen (gene-edited swine models of human diseases for biomedical research and pre-clinical trials by pharmaceutical and medical device companies); and Regenevida (development of human regenerative products including cells, tissues and organ products in swine models for exotransplantation to humans).
Recombinetics has a global intellectual property portfolio, with 22 patents issued and more than 300 patent filings on gene-editing methods, traits, and novel reproduction methods in animals. Learn more at Recombinetics.com.
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Kris Huson, 651-757-0427
KEYWORD: UNITED STATES NORTH AMERICA MINNESOTA
INDUSTRY KEYWORD: STEM CELLS HEALTH BIOTECHNOLOGY CLINICAL TRIALS GENETICS PHARMACEUTICAL NATURAL RESOURCES AGRICULTURE RESEARCH SCIENCE
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PUB: 08/21/2018 12:00 PM/DISC: 08/21/2018 12:01 PM