NEW YORK (GenomeWeb News) – Bioanalytical tools company Hurel raised $9.2 million in a Series A private equity financing round, the North Brunswick, NJ-based company said today.
Proceeds from the round will go toward the commercial launch of Hurel's products, R&D work directed at its technologies and future products, and general corporate purposes, it said. Spring Mountain Capital led the round and was joined by undisclosed private investor entities.
Hurel provides artificial tissue constructs and microfluidic cell-based assay platforms that aid in predicting the reliability and efficiency of pre-clinical drug development. Its technology is based on microfluidic devices and cell cultures "that elevate the metabolic competency and endurance of cells cultured in vitro," and which simulate pharmacokinetic interactions among tissues and organs, according to the company's website.
Hurel CEO Robert Freedman said in a statement that the Series A financing will "enable us to fully execute our business plans and make a direct impact in the marketplace.
"Hurel's suite of artificial tissue and microfluidic products, which are based on cultures of actual, living cells, are aimed at transforming the way pre-clinical drug discovery is conducted, reducing drug-makers' and regulators' reliance on problematic animal tests, and improving the success rate of drug candidates that advance to clinical trials," he continued.