HemoShear Secures $8.7 Million in Private Equity Offering
Thursday, May 8, 2014
HemoShear, a human disease biology company, completed a C-1 equity offering raising $8.7 million. Since its inception in 2008, HemoShear has secured a total of $22 million in private equity financing, as well as $10 million in funding from NIH and other state and federal sources. In addition to private and public sources, HemoShear's partnerships with major pharmaceutical and biotechnology companies have been an important source of funding to expand its scientific platform and business base.
"We are pleased with the confidence our private investors continue to show by providing capital needed for the growth of our company," said Jim Powers, CEO, HemoShear. "Recognition of how our proprietary human disease biology platform, scientific expertise and analytics deliver unique value to drug discovery and development is reflected by the growth in a number of our partnerships with pharmaceutical and biotechnology companies."
This offering will support a number of investments to grow the Company. HemoShear will soon relocate its operations to state-of-the-art facilities in Charlottesville, Virginia. The new facility will address current needs and support future expansion. In addition, this new capital will allow the Company to accelerate development of human disease systems, including those for tumors and rare diseases, as well as recruit scientific and bioinformatics expertise.
"This is an important time for HemoShear," said Mehmood Khan, M.D., HemoShear board member and Chief Scientific Officer of PepsiCo. "As the pharmaceutical industry increasingly recognizes that the Company's science can de-risk drug R&D programs and differentiate drug candidates, we need growth capital to build the infrastructure and advance the technology for larger engagements with our partners."