JHU-founded restorative materials technology developer Lifesprout secured $28.5m in a round led by Redmile Group as it looks to move into regenerative medicine.
LifeSprout, a US-based regenerative medicine spinout of Johns Hopkins University, completed a $28.5m series A round led by healthcare-focused investment firm Redmile Group yesterday.
The round was backed by commercialisation unit Nexus Management, growth equity firm Emerald Development Managers and impact investor Abell Foundation.
Founded in 2015, LifeSprout has devised a method for producing synthetic materials engineered to mimic the look and touch of natural biological tissues.
The company is initially on concentrating on aesthetic care and is developing a biostimulatory-dermal filler that repairs skin. The series A proceeds will go to launching the product as well as clinical development of regenerative drugs for orphan diseases.
LifeSprout closed a $6.5m seed round in May 2019 that included spinout-focused investment firm Tedco, biopharmaceutical firm Medytox, healthcare startup community AngelMD, VC fund Kairos Ventures, private equity firm Gingko Gofar and Triskelion Investments.
The company had previously raised $2.7m in March 2018 according to a securities filing, and Technical.ly reported that Tedco supplied $500,000 of that sum.
Sashank Reddy, co-founder of LifeSprout and an assistant professor of plastic and reconstructive surgery at Johns Hopkins, said: “We are delighted to complement the lead investment from Redmile with a strong cadre of Maryland-based and international investors.”
