(Juventas Therapeutics, Inc. is formerly known as AcelleRX Therapeutics, Inc.)
AcelleRX secures $1.5 million in financing
By Shannon Mortland, Crains Cleveland, July 30, 2007
Cleveland Clinic spinoff company AcelleRX Therapeutics Inc. has received $1.5 million in its first round of private financing. Northeast Ohio investment funds Jump Start Inc., North Coast Angel Fund and X-Gen are among the initial investors. Blue Chip Venture Co. of Cincinnati and other angel investors also provided money to the company. “This funding, along with grants the company has received, will enable the company to advance its lead product toward human clinical trials,” said Rahul Aras, CEO of AcelleRX.
AcelleRX, which is developing regenerative medical technologies for the treatment of cardiovascular disease, will use the initial funds to prepare for a phase one clinical trial for a potential treatment for chronic heart failure.
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