NEW YORK (GenomeWeb News) – Cellular Dynamics International said today it has closed on a Series B Preferred Stock financing round, raising $30 million.
The financing will be used by the Madison, Wis.-based pluripotent stem cell development firm to launch new iCell induced pluripotent stem cell lines, as well as iCell Endothelial Cells, iCell Neurons, and iCell Hepatocytes for biomedical and pharmaceutical drug development and safety research.
The funds also enable the company to increase production capacity for its iCell Cardiomyoctes, the first commercial product based on stem cells grown from adult tissue using CDI's iPSC technology.
CDI said it expects to expand its commercial operations to meet growing demand for its iPSC products.
The round was led by an entity affiliated with Tactics II Stem Cell Ventures, which along with its affiliates led CDI's earlier financing rounds. Also participating in the round was Sam Zell's Equity Group Investments, Sixth Floor Investors, and G Force Investments.
A year ago, CDI brought in $40.6 million in Series B private equity funding, and in total the company has raised $100 million since 2004.