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Latest From Amorcyte, Inc.
The dealmaking column is a survey of recent transactions, including strategic alliances, mergers & acquisitions, and financings, in the life sciences industries. Deals are listed by the following industry sectors: in vitro diagnostics, pharmaceuticals, medical devices, and research/analytical instrumentation and reagents. All transactions are excerpted from Elsevier's Strategic Transactions database, providing comprehensive transaction coverage from 1991 to the present.
NeoStem, the New York-based cell therapy company, plans to raise $16.5 million through the sale of 13.8 million share-and-warrant units at $1.20 per unit, a considerable discount to the 18 July stock closing price of $1.32.
Stem cell specialist NeoStem has agreed to purchase Amorcyte, a cardiovascular stem cell therapy developer, a move which will give it access to the cardiovascular therapy market. Amorcyte's lead product, AMR-001, is about to start a Phase II trial in acute myocardial infarction (AMI).
Amorcyte is intent on developing patients' own enriched bone-marrow stem cells as a treatment for cardiovascular disease. The idea is to infuse the stem cells into the heart a week or so after a severe heart attack, where they will linger and help restore damaged tissue. Results of a Phase I clinical trial recently reported at the scientific session of the American College of Cardiology conference showed the treatment was safe, and yielded insight into the minimum dosage necessary to generate a beneficial effect.