A biotech company based in Squirrel Hill announced the close of a more than $19 million investment deal that will help propel the ongoing clinical stage study of a cell therapy product.
LyGenesis Inc. said its Series A-2 financing round, led by Prime Movers Lab with follow-on funding from previous investor Juvenescence, will aid the development of LYG-LIV-001, a cell therapy product that has been approved and regulated by the U.S. Food and Drug Administration. The product is currently undergoing its Phase 2a clinical trial and this investment will allow LyGenesis to complete this phase of the trial as well as further build out its other cell therapies.
The LYG-LIV-001 therapy product is derived from donated liver cells, which are then carefully processed to create a solution that is used to implant them into a patient's intestinal-based mesenteric lymph nodes via an ultrasound procedure. Once inside the lymph node, these liver cells can start growing and functioning like real liver tissue for those who are in need of it.
"Our latest investment from Prime Movers Lab and Juvenescence will provide us with the energy needed to complete our ongoing Phase 2a clinical trial in patients with end stage liver disease," LyGenesis CEO Michael Hufford said in an email statement to Pittsburgh Inno. "This clinical trial heralds an important bench-to-bedside translational medicine milestone, it shows that it is possible to translate cutting-edge scientific discoveries such as using the lymph nodes as a bioreactor to grow functioning ectopic organs, into clinical reality for patients suffering from life-threatening illnesses."
The funding round brings LyGenesis' total outside investment to more than $37 million since its founding in 2017. A total of three full-time employees and several consultants contribute to the firm's workforce of 10 people.
