AiVita Biomedical Raises $2m in Series A Financing for Commercial and Clinical-Stage Program Development
California Technology Ventures backs AiVita Biomedical; Managing Director Alex Suh appointed to AiVita Board of Directors
IRVINE, C.A., June 10, 2016 — AiVita Biomedical, a therapeutic development company focused on regenerative and curative medicines, today announced it has completed a $2 million Series A round of equity investment. The capital comes from California Technology Ventures (CTV), a Southern California venture capital firm that focuses its investments in the fields of Life Sciences and Information Technology. CTV Managing Director Alex Suh will join the AiVita Board of Directors as part of the agreement, lending his extensive experience in the life sciences sector.
“We are honored to have the backing of California Technology Ventures and welcome Alex Suh to our board of directors” said Dr. Hans Keirstead, CEO of AiVita Biomedical. “We take Alex’s support and interest in our operations as an indication of the strength of our programs.”
The $2 million investment will help support general operations and the further development of the Company’s pipeline of programs. AiVita’s active programs currently include a stem cell-based skin care product which helps address several key signs of aging, and a novel cancer immunotherapy applicable to multiple solid tumor types. The Company anticipates a Phase II clinical trial exploring the efficacy of its immunotherapeutic approach in patients with ovarian cancer within the year.
California Technology Ventures holds the right to invest additional funds at a future date.
About AiVita Biomedical
AiVita Biomedical is advancing commercial and clinical-stage programs utilizing curative and regenerative medicines. Built upon expertise in stem cell growth and directed, high-purity differentiation, AiVita Biomedical has engineered safe, efficient and economical manufacturing systems to support the development and commercialization of curative and regenerative medicines