|By Marketwired .||
|January 15, 2014 11:10 AM EST||
CONCORD, MA -- (Marketwired) -- 01/15/14 -- Alcyone Lifesciences, Inc., a privately-held medical device company developing products for the treatment of difficult neuropathological conditions, announced the closing of a Series B preferred financing of $4 million with existing and new investors. The financing was led by Edgar D. Jannotta, Jr. and included participation by Harbor Light Capital Partners, both of which were investors in the Company's prior financings.
The funds will be used to support further development of Alcyone's platform technology for delivery of therapy to the brain as well as a novel technology to manage CSF (cerebrospinal fluid) shunt occlusions.
"Having worked with the outstanding team at Alcyone Lifesciences and seen firsthand the progress made to date, I am eager to see the Company's disruptive technologies brought into the clinic," said Mr. Edgar Jannotta, Jr. who is also a member of the Board of Director of Alcyone Lifesciences.
PJ Anand, Chief Executive Officer of Alcyone Lifesciences, commented, "This funding from our new and existing investors will allow the Company to execute on its next product development activities and clinical and regulatory milestones towards commercialization of our technologies. The additional capital resources, together with our strategic collaborations focused on the field of CNS therapy, leave us well positioned to build on the tremendous progress made in our platform therapeutic delivery technology and to continue the development of our fail-safe CSF management system. The Company is thankful to Mr. Jannotta and our current investor base for their continued support."
Nutter, McClennen & Fish LLP, led by Michelle Basil, represented the Company in the financing. Ms. Basil has represented the Company since its inception.
About Alcyone LifeSciences
Alcyone Lifesciences, based in Concord, Massachusetts, is a privately-held medical device company focused on development of novel treatment modalities for difficult neurological conditions. Alcyone Lifesciences was founded in 2010 by PJ Anand, CEO, Adam Fleisher, MD., Associate Professor of Neuroscience, UCSD, Banner Alzheimer's Institute, and William Olbricht, PhD, Professor of Biomedical Engineering, Cornell University. For more information about Alcyone, please visit www.alcyonels.com.