A St. Paul, Minnesota startup is looking to raise $750,000 to develop a drug/device combination for certain types of skin cancer.
A recent regulatory filing with the U.S. Securities and Exchange Commission shows that RST Implanted Cell Technology has raised $154,750 in debt and warrants.
The angel round of financing will be used to prepare the company to begin clinical trials for its skin cancer treatment, said Stan Harpstead, the company’s founder and president. He added that the startup has found a novel way of delivering a molecule that is off-patent and FDA approved to treat basal cell carcinoma effectively.
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Although RST Implanted Cell Technology has been around for more than five years, the focus on developing this product only began in the last year, he said. The company has developed a polymer technology and has filed appropriate patent applications, Harpstead said.
Harpstead was previously a product manager at Medtronic for five years, according to his LinkedIn profile.
RST Implanted Cell Technology, which doesn’t have a website, is led by Kevin Nickels, who was formerly CEO of Celleration, a wound-healing company based in Eden Prairie, between 2001 and 2009.