BEATTBio, Seattle, Wash -based biotechnology company focused on developing novel gene therapy to improve cardiac performance in the setting of heart failure, today announced the closing of $2. 5 million seed stage investments with funding from CET Capital Partners The W Fund is part of the participating investors The proceeds will be used to move BEATBio’s lead gene therapy product to clinical development.
BEATBio’s therapeutic strategy is based on the discovery of our founder that a small increase in a naturally occurring enzyme can act as a “super-fuel” to increase the pumping power of the heart muscles and improve cardiac performance measures, including speed and contraction force, as well as relaxation in both resting and stressed states. BEATBio’s technology was developed by an interdisciplinary research team at the University of Washington led by Charles Murry, Director of the UW Center for Cardiovascular Biology and funded by significant federal grants from the National Institutes of Health. BEATBio holds an exclusive global license for a suite of UW cardiovascular technologies, including the Gene Therapy Program.
“This financing is an important milestone for BEATBio and will allow us to move forward quickly with the development of our lead product. It is reassuring to know that high quality, promising but early stage companies can still be financed in today’s investment environment. It is a testament to the scientific leadership of the founder and the willingness of the investor to fund the critical translational phase of biotech product development,” said Michael Kranda, CEO of BEATBio.
Managing Director of CET Capital Partners, Craig E Tall, who will join the BEATBio Board, said, “The combination of the scientific foundation, the leadership team and the prospect of a fundamental transformation in the treatment of patients with heart failure presented a rare investment opportunity. I am pleased to have helped to launch what I believe to be an important company “That’s right.
Chad Waite, investment committee member of the W Fund and managing director of OVP Venture Partners, said, “BEATBio is exactly the kind of early-stage investment that the W Fund has been set up to make. It is a powerful discovery of cutting-edge research in Washington that could transform the prognosis for literally millions of Americans suffering from congestive heart failure. We hope that this investment from the W Fund will help drive these groundbreaking results from the Washington Laboratory to new and badly needed cardiac therapy. “That’s right.
BEATBio: BEATBio is Seattle, Wash. -based biotechnology company focused on developing novel gene therapy for heart failure BEATBio’s technologies have been developed by the founding scientific team of the University of Washington. BEATBio holds an exclusive worldwide license from the University of Washington for a suite of technologies and associated intellectual property involving cardiovascular medicine, including gene and cell therapy, bioengineered materials and biological pacemakers.
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