Okyanos Heart Institute, a Freeport, Bahamas-based developer of advanced coronary artery disease treatments, said it raised $8.9m in its Series B funding.
According to a written note, the round was led by Passion Group founder Ali Shawkat.
Led by CEO Matt Feshbach, and Chief Medical Officer Howard T. Walpole Jr., M.D., M.B.A., F.A.C.C., F.S.C.A.I., Okyanos Heart Institute aims to use adult stem cell therapy to bring a new standard of care to patients with coronary artery disease (CAD).
Its cardiac cell therapy utilizes cells known as adipose-derived stem and regenerative cells (ADRCs), processed by Cytori Therapeutics’ (NASDAQ: CYTX) Celution™ system, a technology which has been approved and is commercially available in Europe, Australia, New Zealand, Singapore and other international jurisdictions for various indications of use.
The company, which has raised $14.2m to date, is building out a center capable of treating over 1000 patients per year in Freeport, The Bahamas. Based on the recommendations of the Bahamas Stem Cell Task Force, which thoroughly studied the safety and efficacy of adult stem cell therapy, the Bahamas passed stem cell legislation in August, 2013.