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Last Updated: Feb 13, 2017 - 1:45:37 AM |
 $8.9M Raised In Last Round Enables Heart Institute To Treat Patients With Ischemic Conditions With Their Own Adult Stem Cells Beginning Summer, 2014 In The Bahamas
FREEPORT, The Bahamas, March 17, 2014 – Okyanos Heart Institute, whose mission it is to bring a new standard of care and a better quality of life to patients with coronary artery disease (CAD) using adult stem cell therapy, announced today it has raised $8.9 million in its Series B offering. Passion Group founder Ali Shawkat led the round and is a visionary entrepreneur-investor with success in a diverse set of industries including cellular services, telecom, media and healthcare.
“Okyanos has the vision, medical leadership, adult stem cell technology and business model to better the lives of millions of patients, their families and society,” said Shawkat. “Cell therapy promises to be a new pillar of medicine as it is based on the natural biology of the body.”
"This funding brings Okyanos' total funding to $14.2 million. Financial strength is integral to our commitment to treat patients with cardiac cell therapy at the highest standards of safety and care,” stated Matthew Feshbach, co-founder and CEO of Okyanos.
Okyanos cardiac stem cell therapy procedure utilizes cells known as adipose-derived stem and regenerative cells (ADRCs), processed by Cytori Therapeutics’ (NASDAQ: CYTX) Celution™ system, a technology which has been approved and is commercially available in Europe, Australia, New Zealand, Singapore and other international jurisdictions for various indications of use.
The company has procured a state-of-the-art Philips cath lab and is building out a center of excellence capable of treating over 1000 patients per year in Freeport, The Bahamas. Based on the recommendations of the Bahamas Stem Cell Task Force, which thoroughly studied the safety and efficacy of adult stem cell therapy, the Bahamas passed stem cell legislation in August, 2013.
Feshbach further stated, “We have a sophisticated, entrepreneurial group of investors who are like-minded in our purpose to safely improve the quality of life of patients suffering from illnesses such as CAD, using adult stem cells derived from adipose (fat) tissue,” added Feshbach. “We appreciate the significant leadership and support of Mr. Shawkat who shares the Okyanos commitment.”
The company will begin treating patients with coronary artery disease using their own stem cells in the summer of 2014.
© Copyright 2014 by thebahamasweekly.com
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