NEW YORK (GenomeWeb) – Xcell Biosciences said today that it has closed a $12 million Series A private equity financing round, led by HBM Genomics.
Along with HBM, the round also included continued participation from all of Xcell's major existing investors, the company said.
Xcell will use the funds to launch its commercial platform worldwide, as well as to expand its US sales force. The company's platform, called the Avatar system, enables propagation and gene editing in hard to transfect cell types, and is currently used for translational research, clinical diagnostics development, and cell therapy applications, the firm said.
"These new funds will enable us to expand our reach with clinical research customers in oncology, stem cell biology, and immunology, as well as customers engaged in cell therapy development and regenerative medicine," Xcell CEO Brian Feth said in a statement.
With the closing of the funding round, Xcell also said that Saeid Akhtari, managing director of HBM Genomics, will join its board of directors.