Ankasa Regenerative Therapeutics, Inc., a La Jolla, CA-based biopharmaceutical company, received $8.5m in the first tranche of a $17m Series A round of financing.
The round was led by Avalon Ventures with participation from Heraeus Medical and Correlation Ventures.
Led by Sanford J. Madigan, Ph.D., CEO, Ankasa focuses on pharmaceutical preparations for reactivation of stem cells for organ and tissue regrowth, tissue repair and healing. It is focusing on the development of the stem cell growth factor WNT3A, which is found in humans and functions in the maintenance of bone growth and repair, but the level of which declines with age.
The company intends to initially develop a proprietary localized therapy involving WNT3A for spinal fusion surgery patients and to investigate the use of WNT3A in additional bone and other tissue repair applications.