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.
A Personalized Approach to Medication Nonadherence
At the Abarca Forward conference earlier this year, George Van Antwerp, managing director at Deloitte, discussed how social determinants of health and a personalized member experience can improve medication adherence and health outcomes.
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).
