Venture Capital News: Juventas Therapeutics Lands $13.5M
CLEVELAND, OH, Juventas Therapeutics today announced that the company has secured $13.5 million in financing.
Juventas Therapeutics, a clinical-stage biotechnology company focused on developing non-viral gene therapies to treat advanced cardiovascular diseases, today announced that the company has secured $13.5 million in financing. Green Cross Holdings and POSCO Capital led a $7.5 million Series B-2 equity investment that included participation from other new and existing investors. Additionally, Juventas secured $6 million in debt financing from Oxford Finance LLC, with an opportunity to obtain an additional $9 million if specific milestones are met.
Juventas Therapeutics also expanded its Board of Directors to include James Boland as an independent director. Mr. Boland is the retired vice chairman of Ernst & Young and former president, chief executive officer and vice chairman of the Cleveland Cavaliers Operating Company. He currently serves as Chairman of JobsOhio and is on the Board of the Center for Global Business Studies in Washington D.C. Mr. Boland's current and previous board experience also includes service on the boards of directors of Goodyear Tire and Rubber Company, Sherwin-Williams, Invacare, DDR Corp, and International Steel Group.
'The addition of Jim to our Board of Directors and quality new investors to our shareholder base come at a very exciting time for the company,' states Rahul Aras, Ph.D., president and chief executive officer for Juventas. 'We have made significant progress and this financing allows us to lay the groundwork for the initiation of multiple Phase 2b clinical studies. Our upcoming studies will evaluate JVS-100 for the treatment of patients with chronic heart failure and late stage peripheral artery disease, two indications with limited therapeutic options.'
JVS-100 is a proprietary, non-viral gene therapy inducing transient expression of stromal cell-derived factor-1 (SDF-1), a naturally occurring signaling protein that activates the body's own tissue repair pathways. SDF-1 has been shown to protect and repair tissue following organ-injury by recruiting the body's own stem cells to the damaged region, promoting new blood vessel growth, preventing cell death and reversing scarring. In human clinical studies to date, JVS-100 has demonstrated clinically meaningful results in the treatment of advanced chronic heart failure and late stage peripheral artery disease. In preclinical studies, JVS-100 has shown potential across multiple end-organ systems and may have platform potential in a wide range of indications, including, refractory angina, heart attack, muscle atrophy, dermal scar formation, post-surgical fibrosis, nerve damage and incontinence. As a non-viral gene therapy, JVS-100 has demonstrated safety, potential for repeat administration, localized sustained drug delivery and cost-effective manufacturing.
About Juventas Therapeutics
Juventas Therapeutics is a privately held, clinical stage biotechnology company focused on developing non-viral gene therapies to treat advanced cardiovascular diseases. The Company's lead product candidate, JVS-100, is a non-viral gene therapy undergoing evaluation in clinical studies for the treatment of advanced cardiovascular diseases. Juventas was founded in 2007 with an exclusive license from the Cleveland Clinic. Investors include Triathlon Medical Ventures, Venture Investors, Fletcher Spaght Ventures, New Science Ventures, Early Stage Partners, Reservoir Venture Partners, The Cleveland Clinic, Takeda Ventures, Green Cross Holdings Corporation and POSCO Capital. For more information about Juventas please visit www.juventasinc.com.
About Green Cross
Green Cross is the largest biopharmaceutical company in South Korea. Green Cross provides safe and effective healthcare solutions that address the evolving needs of human health. Headquartered in Yongin, South Korea, Green Cross specializes in the development and manufacturing of plasma-derivatives, preventive vaccines, recombinant proteins, therapeutic antibodies and cell therapies. For more information, please visit Green Cross' website at www.greencross.com.
About POSCO Capital
POSCO Capital is the only financial affiliate of POSCO, a Global Fortune 200 Company in Korea. POSCO Capital specializes in early to late stage investments though its venture capital and private equity funds. It seeks to invest in biotechnology sector through its biotech fund (PGSF) with a focus on therapeutics, diagnostics, platform technology, and other healthcare-related companies. POSCO Capital is based in Seoul, Korea. For more information, visit www.poscocapital.com.
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $2 billion in loans, with lines of credit ranging from $500 thousand to $75 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Massachusetts and North Carolina. For more information visit www.oxfordfinance.com.
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