A Medical Device Daily
Arteriocyte (Cleveland), a biotechnology company developing stem cell therapies for ischemic diseases, has received a $509,000 subgrant award to further the development of its technology.
The funding, received as part of a $60 million Third Frontier award to the Cleveland Clinic-led Global Cardiovascular Innovation Center (GCIC) initiative, will allow Arteriocyte to initiate Phase II clinical evaluation of its lead stem cell product to be used in chronic coronary ischemia.
GCIC is a multi-institutional initiative that includes major research institutions in Ohio, including Cleveland Clinic, Case Medical Center, (Cleveland), The Ohio State University, University of Cincinnati and University of Toledo. Arteriocyte is one of 12 Ohio companies participating as research partners under subcontract to Cleveland Clinic in the GCIC project.
Donald Brown, Arteriocyte’s chairman, said, “As Arteriocyte prepares to enter Phase II clinical evaluation of our lead stem cell therapy, ACY001, the Third Frontier support and collaboration with Cleveland Clinic’s GCIC will help to accelerate our entry into the company’s next stage of clinical development.”