A Baltimore-based regenerative medicine firm called LifeSprout, which makes synthetic products used to restore soft tissue, has secured $6.5 million in financing.
LifeSprout, a private company founded out of Johns Hopkins University, said Wednesday it closed on seed-stage financing to develop the first products using its Regenerative Matrix technology, which uses materials designed to look and feel like natural tissues. The injectable material is designed to prevent scarring.
LifeSprout’s first product is an aesthetic dermal filler called Lumina. The financing will allow the company to develop additional regenerative medicine products targeting rare diseases.
“In a few years we have taken the technology from inception at Johns Hopkins to pre-clinical manufacturing of our first products in aesthetic medicine,” said Dr. Sashank Reddy, co-founder and president of LifeSprout, in an announcement.
The company said it will launch clinical studies for its Lumina product as it seeks needed approvals from health regulators.
Lead participants in the financing include institutional investors Kairos Venture Partners, Triskelion Investments, Maryland Technology Development Corp., Ginkgo Gofar, AngelMD, and Medytox Inc., a strategic investor.
LifeSprout also announced it has appointed Adam Gridley, considered a pioneer in regenerative medicine, as executive chairman of its board of directors. Gridley formerly held corporate and product development roles at BioForm Medical, which developed and launched a soft tissue filler called Radiesse and was most recently CEO of a restorative cell therapy company developing cartilage repair technologies.