Carnegie Mellon spin-out Carmell Therapeutics said today that it closed a $4 million Series B financing round last month that it plans to use to bring its first product candidate to Phase III clinical development.
Its Bone Healing Accelerant uses pooled plasma to boost the healing of bone and soft tissues. Current investors, including Pittsburgh Life Sciences Greenhouse and Harbor Light Capital, participated and Keiretsu Forum Capital, a new investor, also joined the round.
The biotechnology company’s plasma-based bioactive materials can be manufactured to fit an array of forms, like putties and scaffolds, according to Carmell. The biomaterial degrades in the body over a tunable period of time, releasing active biologics where and when the body needs them to promote healing.