Q Therapeutics closes $15 Mn in series B funding

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Salt Lake City: Dr.Mahendra Rao cofounded Q Therapeutics, a biotechnology company pursuing cell-based therapies for the central nervous system (CNS), announced that it has closed on a first tranche of its $15 million Series B financing. Led by vSpring Capital; the round included investors like Invitrogen Corporation, Epic Ventures (Formerly Wasatch Venture Fund), Toucan Capital, University of Utah Research Foundation, Salt Lake Life Science Angels and Q management. Q is conducting preclinical studies to support the filing of an Investigational New Drug Application with the FDA using Q-Cells (neural glial cells) for the treatment of transverse myelitis, a rapidly paralyzing subset of multiple sclerosis (MS). Clinical trials are anticipated at Johns Hopkins in 2009. "This investment will help accelerate our efforts to bring important new treatments to the clinic for these extremely debilitating neurodegenerative diseases. As a leader in providing many of the necessary tools for stem cell research and production, Invitrogen's participation will further enhance our development going forward," said Deborah Eppstein, Ph.D., President and CEO of Q Therapeutics. "Q has the right combination of excellent science and a strong management team to advance its cell-based therapies and bring these important products to clinical development," stated Dinesh Patel, Ph.D., Managing Director of vSpring Capital. Located in Salt Lake City, Utah, Q Therapeutics, privately held company has exclusive rights to 16 patents arising out of work done by Dr. Mahendra Rao. It is developing products to treat debilitating diseases of the central nervous system.