GlycoNet scientists Drs. Robert Ben and Jason Acker, who are revolutionizing the cryopreservation of cells, tissues and organs for human and veterinary therapies, have secured a $2-million USD equity investment for PanTHERA CryoSolutions (PanTHERA), a Canadian biotechnology start-up that they co-founded. The investment came from US-based investor Casdin Capital and bioproduction tools supplier BioLife Solutions Inc (NASDAQ: BLFS).
In addition to an up-front investment, subject to closing conditions, BioLife will provide an additional $2 million USD to support product development over the next 24 months in exchange for exclusive, worldwide marketing and distribution rights to the technology for use in cell and gene therapy applications. Aby J. Mathew, PhD, Executive Vice President and Chief Scientific Officer at BioLife and Shaun Rodriguez, Director of Life Science Research at Casdin will join the PanTHERA Board of Directors.
We are delighted that Casdin Capital and BioSolutions have made this visionary investment in the technology. Our work has the potential to improve regenerative medicine by preventing cell damages after long-term cryopreservation. GlycoNet has supported our technology financially from the proof-of-concept stage and, along the way, provided us with partnering, and financial expertise as well as business development support. Our interactions with the commercialization experts in the Network gave us insight into the value of our discoveries. We could not have done this without GlycoNet."
Dr. Robert Ben, Co-Founder of PanTHERA, GlycoNet Investigator and Professor, University of Ottawa
The core technology from PanTHERA was created out of an academic research collaboration between Ben at the University of Ottawa and Acker at the University of Alberta. During cryopreservation of biological materials, the uncontrolled growth of ice causes cell injury and death. PanTHERA's solution is to develop ice recrystallization inhibitors (IRIs) to control the growth of ice and prevent this damage from occurring, ultimately resulting in superior cellular products after thawing.
"It is exciting to see such investment, which synergizes with our efforts to translate academic concepts into practical applications," says Dr. Elizabeth Nanak, CEO of GlycoNet. "As a global leader in mobilizing health innovations based on glycoscience, we are proud to support and commercialize scientific advancements that will help turn ideas into the good jobs of tomorrow and sustainable science-based companies like PanTHERA."
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