EXPRESSCELLS ANNOUNCES FIRST CLOSE OF SERIES A FINANCING
Ryan St. John | Published on 7/1/2019
PHILADELPHIA – July 1, 2019 – PRLog — ExpressCells, Inc. (ExpressCells), a private genetic engineering company that creates advanced cell lines for drug discovery, today announced that it has completed the first close of its Series A financing round. The Rowan Innovation Venture Fund and Keiretsu Forum Mid-Atlantic are jointly leading this round.
ExpressCells plans to use the $800,000 in proceeds from the first close of its Series A financing to build the commercial and operational infrastructure to sell its knock-in cell lines. This includes operating its lab in Philadelphia and establishing its promotional platform.
"The Series A financing is a significant advance for ExpressCells," said Matt Handel, co-founder and CEO of ExpressCells. "This will allow us to market our novel plasmid technology that will give scientists better cell models for drug discovery and other research purposes. Identification of better lead compounds in the discovery process should result in fewer late-stage failures, reducing the cost of drug development."
ExpressCells' unique plasmid technology, in combination with CRISPR/Cas9, allows the company to deliver custom cell lines in which a new gene has been successfully inserted into the cell's DNA in 25% of the time required with current technologies. The speed of the process allows the company to insert up to three genes into the same cell line in as few as 3 months. ExpressCells will initially focus on inserting "reporter" genes that code for bioluminescent and fluorescent proteins, allowing scientists to more efficiently visualize intracellular activity. ExpressCells will sell both custom cell lines—each designed to meet the specific requirements of an individual scientist—as well as catalog cell lines with predefined combinations of reporter knock-ins.
Mr. Handel continued: "We appreciate the support of the Rowan Innovation Venture Fund and Keiretsu Forum Mid-Atlantic in leading the Series A. Their shared vision for ExpressCells was instrumental in securing the funding and will be critical in the ongoing success of the company."
ExpressCells is a private biotechnology company based in Philadelphia, PA. Our propriety genome editing technology, in combination with CRISPR/Cas9, allows the company to create advanced, knock-in cell lines to enhance drug discovery and other biological research, and shorten the time for delivery of knock-in cell lines by 75% relative to current technologies. Our genetic engineering technology was invented at the Temple University School of Pharmacy by Oscar Perez-Leal, MD. ExpressCells holds a global, exclusive license on this technology. For more information, visit www.xpresscells.com.
Angel Investing, Express Cells, Keiretsu Forum, Matt Handel