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Thursday, Mar 28, 2024

RESEARCH—Stem Cell Firm Gets $2.5M in Initial Funding

Thousand Oaks-based biotechnology firm StemSource Inc. has completed its initial round of funding into stem cell research, netting $2.5 million in investment capital. The funding came primarily from San Diego-based medical device-maker Macropore Inc., along with a number of other individual investors and venture capitalists, said StemSource CFO Terry Butler. “We hope to begin a second round of financing in December or January, but we’re pleased with the results so far,” Butler said, adding that another $5 million to $8 million could be raised. Macropore CEO Christopher Calhoun said he believes in the potential of the company’s stem cell technology. “We are very excited about this technology and its implications across many clinical and research-related areas,” he said. StemSource has developed a proprietary adult stem cell technology from human fat tissue which solves some of the problems of rejection that are common when other types of stem cells are used, Butler said. Stem cells are so-called “unprogrammed” cells that give rise to other cells in the body. They are considered a potential source for replacement cells and tissues to treat many disorders such as spinal cord injuries, diabetes and stroke. The company, which began operations in January, has moved into its new headquarters in a 15,000 square-foot building, with a 7,000-square-foot lab space where much of its research is being done. Although researchers have been stymied by new federal restrictions on the use of fetal tissue, company CEO Marc Hedrick said the company’s research is focused on stem cells from adults’ own fat cells. By using fat cells from adults, the company hopes to avoid much of the controversy surrounding stem cell research that uses fetal or embryonic tissue. Researchers found that fat cells share many important characteristics with nerve and brain cells, making them ideal for their research. StemSource plans to develop a number of products within a few years, such as replacement procedures for fat, bone and cartilage cells. Later, Hedrick said the company plans to develop procedures for the replacement of more complex cells for nerve, liver and spinal tissue. It will take about three to five years before any products are ready for market, said Butler.

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