HemoShear Closes $4MM in Series C Equity Financing to Support Growth

Oct 24, 2012, 10:29 ET from HemoShear LLC

CHARLOTTESVILLE, Va., Oct. 24, 2012 /PRNewswire/ -- HemoShear LLC, a biotechnology research company and leading developer of human and animal cell-based surrogate systems for discovery and assessment of new drug compounds, today announced that it recently closed its fourth round of equity financing totaling over $4 million. Since 2008 HemoShear has raised over $13 million from private investors, most of whom are local to the Charlottesville area. "The enthusiastic support of our investors has permitted the Company to establish outstanding laboratory facilities, recruit highly trained scientists and technicians, and expand commercial operations of the Company," said Jim Powers, CEO of HemoShear. "Our customer base and revenues are growing rapidly as the pharmaceutical industry recognizes HemoShear's leadership in human-relevant systems for new drug discovery and development."

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According to Brian Campbell, CFO at HemoShear, "The recent equity financing was raised to support our upcoming move to much larger lab and office facilities next year, enable investment in key scientific and business staff, and provide working capital to accelerate our growth."

About HemoShear LLC

HemoShear creates human-relevant systems that accurately replicate the biology of organ systems and diseases for drug discovery and development. Working in strategic partnerships with pharmaceutical, biotechnology and medical device companies, HemoShear generates meaningful data to increase confidence in decision-making, reduce risk of costly failures and identify efficacious therapies. HemoShear's science leads to new medicines and improves human health.  HemoShear began operations in 2008 and has since grown to thirty employees.  The Company now has more than twelve major pharmaceutical, biotechnology and medical device partners collaborating on a wide range of therapeutic discovery and safety assessment programs.