Cellphire Therapeutics raises $15m in Series A funding round

Cellphire Therapeutics, a Maryland-based biotech company focused on the long-term stabilization and storage of platelets, has raised $15 million in a Series A funding round.

The financing round was led by Simcah Management.

Currently, Cellphire Therapeutics is set to take its two products – Thrombosomes and Cryopreserved Platelets (CPP) in two phase 2 clinical trials in bleeding patients.

Thrombosomes, the lead product of the biotech company, is said to be the only platelet-based freeze-dried hemostatic agent to enter clinical trials.

According to Cellphire Therapeutics, Thrombosomes can potentially transform transfusion medicine owing to its shelf stability of three years.

Cellphire Therapeutics raises $15m in Series A funding round. Image courtesy of Narupon Promvichai from Pixabay.

Apart from the lead product, the biotech company is developing Cryopreserved Platelets, which are frozen platelets, for the US Army to address a gap in military transfusion support.

Cellphire Therapeutics said that the proceeds from the Series A funding round allows it to expand and expedite the development of Thrombosomes and support its research and development projects in targeted drug delivery, anti-thrombotic reversal, and also regenerative medicine.

The biotech company stated: “With the closing of a new funding round, Cellphire has entered its next exciting phase and is poised for rapid growth. Stephen H. Willard, a major shareholder, has decided to step away from his role as CEO and the Board in order to bring in a new CEO to take the company through its new phase of expansion and growth.

“The Board has identified the company’s new CEO who will start with the company in the near future. In the interim, Rafael Jorda, who has been with the company since 2015, will be the acting CEO and manage the company with the assistance of the Executive Management Team.”