Aldagen refiles for IPO, raises $7.3M of $10M in debt, warrants
October 29, 2009
DURHAM, NC - Stem cell company Aldagen Inc. has refiled to go public and has raised $7.3 million of a targeted $10 million debt and warrants raise, according to SEC filings. The company hopes to raise as much as $80.5 million selling stock on Nasdaq under the symbol "ALDH."
Venture-backed Aldagen has raised about $56 million from investors who include Aurora Funds, Intersouth Partners, Tall Oaks Capital, Tullis Health Inventors, Harbert Venture Partners, Trelys Funds.
The company has several of its regenerative stem cell therapies in late stage clinical trials. Aldagen's technology lights up stem cells with high levels of the enzyme aldehyde dehydrogenase (ALDH) so that they emit a green fluorescence. ALDH plays a role in controlling how stem cells develop.
The company has started Phase III studies, testing its ALD-101 product to see if it improves the effectiveness of grafts following cord-blood transplants that treat inherited metabolic disease in children.
It also plans to start Phase III trials of another product to treat critical limb ischemia. It completed a Phase I trial of ALD-201 for treating ischemic heart failure.
The company has a net loss of $6.7 million in the first nine months of 2009 on revenue of $337,000 and from March to September, it lost $51.4 million.
Previously on TechJournal South: Aldagen advances treatment pipeline with $18M round http://techjournalsouth.com/news/article.html?item_id=5224.