July 20, 2011
Arteriocyte Receives $1 Million Award From Ohio Third Frontier Program to Advance Its NANEX(TM) Technology Toward Clinical Use
CLEVELAND, July 20, 2011 /PRNewswire/ -- ArteriocyteÃ®, a leading clinical stage biotechnology company with offices in Cleveland, Ohio and Hopkinton, Massachusetts that develops proprietary stem cell and tissue engineering based therapies announced today that the Ohio Department of Development's Third Frontier Commission awarded a $1 million grant to the company for its "Development and Commercialization of Hematopoietic Stem Cell Expansion for Clinical Applications" as part of the Ohio Third Frontier Biomedical Program to accelerate the company's Good Manufacturing Practices (GMP) manufacturing of its NANEX(TM) technology for clinical use under the product name HemaEx.
Arteriocyte will deploy the current funding to rapidly scale its Cleveland-based NANEX(TM) production facility to manufacture GMP-compliant, "clinic-ready" HemaEx culture ware. The company anticipates working closely with clinical partners at the Ohio State University to validate use of the HemaEx system during treatment of blood born cancers. Additionally, this award will enable Arteriocyte to expand its strategic partnership with Miltenyi Biotec to include GMP-grade media additives that are safe for human use. The company anticipates launch of its first GMP NANEX(TM) product for clinical research use within the next year, followed closely by regulatory submittal to allow clinical cell therapy production by 2013.
"The Third Frontier Program is eager to invest in innovative technologies like Arteriocyte's that advance the biomedical industry in the state," said Norm Chagnon, Executive Director for the Ohio Third Frontier for the Ohio Third Frontier. "The company has a proven track record of developing world-class technologies and growing the talent-base in the region, while creating jobs and revenue for the State of Ohio."
Arteriocyte CEO Don Brown said, "Ohio's Third Frontier Program has been one of Arteriocyte's earliest and most consistent investment partners. Their support has been a driving force contributing to the growth of our company and rapid development of these novel technologies. Today's award will enable Arteriocyte to advance our NANEX(TM) products forward to clinically relevant cellular therapy products here in Northeast Ohio."
Arteriocyte, a leading clinical stage biotechnology company, is dedicated in developing novel stem cell products and medical devices for unmet clinical needs. Arteriocyte leverages its expertise in stem cell and tissue engineering in order to develop a broad portfolio of cell based therapeutics to improve patient outcomes. In October of 2007, Arteriocyte partnered with DW Healthcare Partners and Comerica to create Arteriocyte Medical Systems Inc., in order to commercialize and distribute novel medical devices and point of care surgical solutions to address serious unmet medical needs in cardiac, orthopedic and vascular surgeries. Arteriocyte Medical Systems manufactures and distributes the MagellanÃ® Autologous Platelet Separator System.