A Tampa-based medtech company with a focus on chronic lung diseases has received $6 million.
H-CYTE Inc. received the funding from a group including philanthropists and Tampa natives Rex Farrior and Preston Farrior, as well as Todd Wagner, the co-founder of Broadcast.com. The investment is in the form of preferred stock which may be converted into shares of common stock at a fixed price in excess of the current market, at approximately $.41 per share.
The company owns and operates a slew of medical technology products and services, including treatment for chronic lung disease COPD.
“H-CYTE's goal is to greatly improve quality of life for patients who suffer from diseases that currently have no cure, such as COPD,” William Horne, H-CYTE CEO and chairman, said in a statement. “We’re thankful for the support of Todd and our other investors which allows us to continue pursuing breakthroughs for cutting-edge therapies that we believe can help people get back to their lives and the activities they love most.”
The funding will specifically be used toward developing the submission of a new drug for COPD treatment, which would be reviewed by the U.S. Food and Drug Administration.
"Successful realization of this treatment would be a breakthrough therapy," Horne said.
