Company name: HemoShear LLC.
Industry: biotechnology.
Location: Charlottesville, Virginia.
Solution/product: HemoShear provides pharmaceutical and biotechnology companies with human and animal cell-based systems that replicate organ systems and diseases to enable and improve drug discovery and development.
Money raised: The recent close of a $4 million series C marks the fourth round of equity for the company and brings its total capital raised to $13 million.
How it will be used: HemoShear will move to a larger lab next year and expand its science and business staff. “Our customer base and revenues are growing rapidly,” CEO Jim Powers said in a statement.
Investors: unknown.
Management team: Powers came from PRA International, a former niche service provider that grew into a global clinical trials management organization and went public in 2004. Chief financial officer Brian Campbell is a former executive of several companies in the aviation sector.
Market opportunity: As the pharmaceutical industry looks for new ways to speed up drug discovery and development, the global market for drug discovery technologies and products is expected to grow from $41 billion in 2012 to $79 billion in 2017, according to a market analysis from research firm Global Information Inc.
By Deanna Pogorelc MedCity News
Deanna Pogorelc is a Cleveland-based reporter who writes obsessively about life science startups across the country, looking to technology transfer offices, startup incubators and investment funds to see what’s next in healthcare. She has a bachelor’s degree in journalism from Ball State University and previously covered business and education for a northeast Indiana newspaper.More posts by Author
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