BioPharma

Drug discovery technology firm will expand its lab, staff with $4 million series C

A Virginia-based company that creates cell systems to replicate human organ systems and diseases for drug discovery and development will expand its lab and staff with a $4 million series C.

Company name: HemoShear LLC.

Industry: biotechnology.

Location: Charlottesville, Virginia.

Solution/product: HemoShear provides pharmaceutical and biotechnology companies with human and animal cell-based systems that replicate organ systems and diseases to enable and improve drug discovery and development.

Money raised: The recent close of a $4 million series C marks the fourth round of equity for the company and brings its total capital raised to $13 million.

How it will be used: HemoShear will move to a larger lab next year and expand its science and business staff. “Our customer base and revenues are growing rapidly,” CEO Jim Powers said in a statement.

Investors: unknown.

Management team: Powers came from PRA International, a former niche service provider that grew into a global clinical trials management organization and went public in 2004. Chief financial officer Brian Campbell is a former executive of several companies in the aviation sector.

Market opportunity: As the pharmaceutical industry looks for new ways to speed up drug discovery and development, the global market for drug discovery technologies and products is expected to grow from $41 billion in 2012 to $79 billion in 2017, according to a market analysis from research firm Global Information Inc.