Biofusion invests in Axordia
Funding to further advance Axordia's stem cell programmes
Biofusion plc announced an investment of £420,000 in Axordia Ltd, a UK stem cell research company and part of the Biofusion portfolio. The investment, which will be provided as convertible loan stock, will be in two tranches with £280,000 invested now and a further £140,000 payable after July 2006. As payment for providing this facility Biofusion will receive an additional 5% of ordinary shares in Axordia which will take its total holding to approximately 36%.
Axordia will use the funds to further advance the development of its proprietary endovascular cell lines, which have potential for use in a variety of therapeutic settings including transplantation, remodelling of blood vessels and elsewhere to mitigate the need for immunosuppressant therapies. The company's development of endovascular cells lines is underpinned by the fact that Axordia is one of only a few companies in the world able to derive its own human embryonic stem ("hES") cells.
Axordia will also further strengthen its licensing and partnering activities around its drug discovery and stem cell tools offerings for the pharmaceutical industry.
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