Healthcare Industry News: Liver Assist Device
News Release - September 12, 2007
Vital Therapies Closes $28.1 Million Financing
Funding Will Support Development, Deployment of Artificial LiverSAN DIEGO, Sept. 12 (HSMN NewsFeed) -- Vital Therapies, Inc. (VTI), announced today the completion of a $28.1 million Series C financing. The new capital will support continued developed of ELAD(TM), the world's only human cell-based artificial liver. The financing was led by Versant Ventures which was joined by new investors Delphi Ventures, HBM BioMed China and DFJ DragonFund China. Also participating were existing investors MedVenture Associates, Valley Ventures, Toucan Capital and Heights Capital. Ross Jaffe, M.D., of Versant Ventures has joined VTI's board of directors, representing the Series C investors.
Terry Winters, Ph.D., Chairman and CEO said, "These experienced medical investors recognize that liver disease is a large, growing problem with limited solutions. I look forward to working with them as we prepare our filing for marketing approval in China, advance our U.S. clinical program and refine our global strategy."
Pivotal human trials at two leading hospitals in Beijing, China, have confirmed ELAD(TM) is a promising therapy for serious, acute liver failure. To date, only liver transplantation has been shown to increase survival. However, demand for liver transplantation far exceeds the supply of donor livers, creating a need for an alternative life saving therapy such as ELAD(TM). In China alone, an estimated 160 million people suffer from chronic liver infections such as Hepatitis B and C.
About ELAD(TM) (Extracorporeal Liver Assist Device)
The ELAD(TM) system provides important metabolic support for patients with liver failure, enabling a bridge-to-transplant or recovery, depending on the type and severity of liver disease. The system consists of four cartridges containing cells that function like a normal human liver. The cells metabolize toxins and remove waste products while delivering essential proteins into the plasma. These cartridges are incorporated into a blood pumping system at the patient's bedside and enable continuous treatment for up to 12 days. The key to ELAD(TM)'s performance is a proprietary human hepatocyte cell line that can be grown, stored and shipped worldwide.
About Vital Therapies, Inc.
Vital Therapies, Inc. is a private San Diego-based liver therapy company that was founded in 2003. It is developing the first human liver cell-based system which provides important metabolic support for patients with severe liver failure. The company's manufacturing facility meets cGMP specifications to produce ELAD cartridges for patient treatment.
For more information, please visit VTI's Website at http://www.vitaltherapies.com
Source: Vital Therapies Inc
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