Cleveland Clinic spinout Juventas Therapeutics just raised a new swath of cash for its gene therapy platform that treats advanced cardiovascular disease.
Juventas brought in $13.5 million in financing, which includes $7.5 million in Series B-2 equity, led by Green Cross Holdings and POSCO Capital. It also raised $6 million in debt financing from Oxford Finance LLC, with the option to raise another $9 million in debt if certain milestones are met. To date, Juventas raised more than $40 million.
The company’s lead candidate, JVS-100, is a non-viral gene therapy that induces the expression of a protein that activates the body’s tissue-repairing mechanism. It recruits the body’s own stem cells to a damaged region to promote new blood vessel growth, preventing cell death and reverse scarring, Juventas said.
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Juventas has studied JVS-100 in a number of cardiovascular indications, including advanced chronic heart failure, late stage peripheral artery disease and critical limb ischemia. It also shows promise in refractory angina, heart attack, muscle atrophy, dermal scar formation, post-surgical fibrosis, nerve damage and incontinence, Juventas said.
The startup also just added James Boland, a former Ernst & Young vice chairman and Cleveland Cavaliers CEO, to its board.
