PITTSBURGH, Pennsylvania — Drug analysis company Cellumen has raised about $700,000, bringing their total 2009 fund-raising to $1.3 million, according to a filing last week with the Securities and Exchange Commission.
The company had hoped to raise $2.5 million, according to an SEC filing in March. Capital was raised this year through debt, a warrants and convertible debt.
Cellumen provides tests to determine at as early a stage as possible toxicity in drug treatments, tries to streamline the drug development process and find tools to help create patient-specific treatments. Earlier this year the company announced a project to help create Alzheimer’s disease treatments, and also enhanced CellCiphr, its early-stage drug screening tool.
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Cellumen’s primary investors are Safeguard Scientifics, which says it owns 41 percent of Cellumen, and Novatis Capital.