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Pittsburgh’s Cellumen wants to raise $2.5 million

The company wants to raise the money through debt, a warrant or convertible debt, according to a filing made in February with the Securities and Exchange Commission. It will not offer equity in the company. It raised $8.7 million in July 2007.

PITTSBURGH, Pennsylvania — Pittsburgh-based Cellumen Inc. wants to raise $2.5 million through debt, a warrant  or convertible debt, according to a filing made in February with the Securities and Exchange Commission. It will not offer equity in the company, according to the filing.

The company declined comment.

Cellumen is a cellular systems biology company that works with drug discovery and drug development firms. Its products analyze the responses of cells to treatments to improve drug safety and effectiveness. The process would cut costs, reduce failure rates and speed the development of new treatments.

Cellumen has raised about $10 million since 2004 – the  bulk of that coming through an $8.7 million Series B investment (pdf) in July 2007. Its primary investors are Safeguard Scientifics, which says it owns 41 percent of Cellumen, and Novatis Capital. Cellumen planned to use the 2007 funding to complete its management team and further develop and commercialize its products.

Last week former Pfizer executive Jack A. Reynolds joined Cellumen’s board of directors (pdf).