Heartseed, a Tokyo, Japan-based biotechnology company developing iPSC-derived cardiomyocytes for heart failure (HF), raised 4 Billion-yen (approx. $37M) in Series C funding.
The round brought its total financial backing to 8.2 Billion yen (approx. $75M) since its foundation in 2015.
New investors are UTokyo Innovation Platform Co. (UTokyo IPC), Medical Incubator Japan, Keio Innovation Initiative (KII), and Sumitomo Mitsui Trust Investment. Among the existing investors, SBI Group, Nissay Capital, SMBC Capital, Medipal Holdings, and Itochu Chemical Frontier participated in this round.
The company intends to use the funds to accelerate the initiation of global clinical trial of HS-001 for HF as well as to confirm its proof of concept in Phase 1/2 LAPiS study in Japan, and examine a less invasive administration such as transendocardial injection using a catheter.
Led by Professor. Keiichi Fukuda, co-founder and CEO, Heartseed is advancing HS-001, an allogeneic iPSC-derived, highly purified ventricular cardiomyocyte spheroids. By forming micro-tissue-like spheroids, retention rate and viability of cell transplant are improved. The spheroids are transplanted using a special administration needle (SEEDPLANTER®) and guide adapter developed for safe and efficient administration of the spheroids into the myocardial layer of the heart.
The review of the Clinical Trial Application of a phase I/II clinical trial (LAPiS Study) evaluating the safety and efficacy of HS-001 for the treatment of heart failure caused by ischemic heart disease in Japan was successfully completed in March 2021 by Japan’s Pharmaceutical and Medical Devices Agency.