San Antonio—StemBioSys has closed a $4.3 million Series B round of funding about two years after the company started raising it, according to regulatory filings.
StemBioSys began raising the Series B round in 2016, when it initially filed securities documents that showed it had pulled in $2.7 million. The company took its focus off of fundraising in 2017 to launch new branding for its lead product, an extracellular matrix used to replicate stem cells now called CELLvo Matrix, and to launch new products, which it announced in February, CEO Bob Hutchens wrote in an e-mail to Xconomy.
The San Antonio-based biotech is spending the money on its commercial capability, to develop new products, and to identify and develop new applications of StemBioSys’ core technology, Hutchens says. The new money came from private individuals, Hutchens said, and declined to name them. San Antonio-based Targeted Technology led StemBioSys’ $8 million Series A round of funding in 2015.
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