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Regenerative medicine startup LifeSprout raises $28.5 million

LifeSprout won the 2017 Association of University Technology Managers business plan competition. LifeSprout co-founders, from left, Russell Martin, Hai-Quan Mao, Justin Sacks and Sashank Reddy. (LifeSprout submitted photo)

LifeSprout co-founders, from left, Russell Martin, Hai-Quan Mao, Justin Sacks and Sashank Reddy. (File photo)

LifeSprout, a regenerative medicine startup founded at the Johns Hopkins University School of Medicine, has raised $28.5 million in a Series A fundraising round, the company announced Monday.

LifeSprout develops synthetic soft tissues for reconstructive and aesthetic surgical procedures. The new funding will helps support clinical development of therapeutic products from its Regenerative Matrix platform.

“Cell therapies are among the most promising new modalities in medicine, yet they are limited by challenges of cell viability, delivery, and therapeutic dosing,” Sashank Reddy, a co-founder of the company, said in a statement. “By encouraging cell survival and natural tissue integration, the Regenerative Matrix may enhance traditional cell therapy approaches.”

The financing round was led by Redmile Group, LLC. Institutional investors Nexus Management, LP, Emerald Development Managers, LP, and the Abell Foundation joining the syndicate.

The firm had previously raised $6.5 million in seed funding last May. It also left the FastForward 1812 incubator on the  Johns Hopkins medical campus early last year for space at City Garage in Port Covington.

“Since closing our Seed round of financing last year, we are developing a compelling suite of products for patients with aesthetic and reconstructive needs,” Adam Gridley, executive chairman of LifeSprout, said in a statement. “We’re thankful for the strong leadership of the investment syndicate in this Series A financing, and we look forward to partnering with our investors, scientific advisors, and collaborators to bring these solutions to patients.”

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