Private biotechnology startup Aspen Neuroscience, situated in San Diego, CA, has agreed to a $40 million credit arrangement with Silicon Valley Bank (SVB). Deal details weren’t made public.
The biotechnology startup is creating autologous cell therapies, such as a Parkinson’s disease treatment using autologous neurons produced from iPSCs (PD).
“This non-dilutive financing complements our Series B round from earlier in the year and provides significant financial flexibility on top of our already strong balance sheet,” said Kameel Farag, Chief Financial Officer of Aspen Neuroscience.
The startup has recently announced the accomplishment of significant pre-clinical and organizational milestones, including raising $147.5 million in Series B financing to support the planned studies of its lead Parkinson’s disease product candidate, ANPD001: a novel iPSC-based autologous cell therapy.
The launch of the trial-ready patient screening cohort study for ANPD001 was also recently announced by the business.
Aspen Neuroscience is a development stage, a private biotechnology company
Aspen Neuroscience, a private biotechnology company focused on personalized (autologous) cell therapies in the early stages, is developing induced-pluripotent stem cells (iPSCs).
The cell therapy treatment will address diseases with a high unmet medical need, beginning with autologous neuron replacement for both sporadic and genetic Parkinson’s disease (PD) and progressing across the brain and affected organs.
“Aspen Neuroscience is important pioneering advancements in the use of bioinformatics-based artificial intelligence to drive autologous cell therapy development,” said Michael White, Managing Director at Silicon Valley Bank.
Aspen, a prominent provider of iPSC platforms, blends genomics, artificial intelligence, and stem cell biology to research patient-specific restorative therapies.
The business has created a best-in-class platform with in-house bioinformatics, manufacturing, and QC to develop and describe pluripotent-derived cell therapeutics.