New York, Nov. 29 - Advanced BioHealing, Inc. said it completed an $8 million series B round of financing.
The investment follows the $2.4 million series A round completed in October 2004.
Canaan Partners and Wheatley Partners were the lead investors. Walter Greenblatt & Associates, LLC was the financial advisor.
"This investment places Advanced BioHealing on solid financial footing to commercialize our lead product, Celaderm, in the next 12-18 months," said David Eisenbud, president and chief executive officer, in a news release.
"The series B funds will finance ABH's [Advanced BioHealing's] pivotal clinical trial to study Celaderm for accelerating healing in partial-thickness burns, enable manufacturing scale-up and develop a marketing team."
Stephen Bloch, managing director from Canaan Partners, and David Dantzker, managing director from Wheatley Partners, will be joining the board.
Advanced BioHealing is a New York-based company commercializing products that accelerate wound healing using its proprietary cell culture and tissue preservation technologies.
| Issuer: | Advanced BioHealing, Inc.
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| Issue: | Venture capital
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| Amount: | $8 million
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| Round: | Series B
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| Investors: | Canaan Partners, Wheatley Partners (leads)
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| Announcement date: | Nov. 29
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