October 20, 2015
RESEARCH TRIANGLE PARK, N.C. — Humacyte, Inc., an innovator in biotechnology and regenerative medicine, announced today that it has raised $150 million committed Series B preferred stock financing, led by a global consortium of new and existing private investors that include Access Industries, Bangkok Bank Public Company Ltd., Brady Dougan, Pacific Eagle Asset Management, Reignwood Group and Gavril Yushvaev. Humacyte expects to issue a second and final tranche of these Series B shares following the achievement of a clinical milestone.
“We believe this is one of the largest private funding rounds in biotech to date, comprised of investors from the U.S. and around the world. We are elated by this overwhelming response, and our investors are excited to be part of the effort to bring such ground-breaking technology to patients”
The funding will support the upcoming global Phase III clinical trials of Humacyte’s investigational human acellular vessel (HAV), HUMACYL™, currently being developed to provide vascular access for patients with End Stage Renal Disease (ESRD) who require hemodialysis, a process of cleansing blood for patients whose kidneys no longer function adequately. Funding will also support the development of future pipeline products with the potential to improve treatment outcomes for patients with a variety of vascular and non-vascular diseases, such as Coronary Artery Bypass, Replacement Trachea and Esophagus, and bypass for Peripheral Arterial Disease.
“We believe this is one of the largest private funding rounds in biotech to date, comprised of investors from the U.S. and around the world. We are elated by this overwhelming response, and our investors are excited to be part of the effort to bring such ground-breaking technology to patients,” said Carrie S. Cox, Chairman and Chief Executive Officer of Humacyte. “This funding will further support our team’s work to develop a much needed alternative to current dialysis access products, and will allow us to continue the progressive research and development of future products where Humacyte’s technology may be applied for patients with significant unmet medical needs.”
Humacyte was founded in 2004 by Laura Niklason, M.D., Ph.D., a world leader in tissue engineering and creator of Humacyte’s technology. Based on studies completed thus far, when HUMACYL is implanted into patients, these vessels have the potential to become very similar to the patients’ own blood vessels. HUMACYL also has the potential to last longer with fewer complications than current synthetic products used in hemodialysis access and could decrease healthcare costs by potentially reducing the number of surgical interventions.
Humacyte received Fast Track designation for HUMACYL for vascular access in hemodialysis patients from the U.S. Food and Drug Administration in 2014 and has ongoing Phase II trials in the U.S. and EU for patients with ESRD who require vascular access for hemodialysis. Humacyte plans to initiate a global Phase III study for HUMACYL in the coming months.
In September, Humacyte also announced two significant additions to the company’s Board of Directors, appointing former U.S. Secretary of Health and Human Services, Kathleen Sebelius and healthcare executive Dale A. Sander as directors. The new round of investment capital and the contributions of Secretary Sebelius and Mr. Sander will combine to provide significant support as Humacyte enters into Phase III clinical trials.
Credit Suisse advised and acted as the sole underwriter and placement agent for the transaction.
Humacyte, Inc., a privately held company founded in 2004, is a medical research, discovery and development company with clinical and pre-clinical stage investigational products. Humacyte is primarily focused on developing and commercializing a proprietary novel technology based on human tissue-based products for key applications in regenerative medicine and vascular surgery. The company uses its innovative, proprietary platform technology to engineer human, extracellular matrix-based tissues that can be shaped into tubes, sheets, or particulate conformations, with properties similar to native tissues. These are being developed for potential use in many specific applications, with the goal to significantly improve treatment outcomes for many patients, including those with vascular disease and those requiring hemodialysis. The company’s proprietary technologies are designed to create off-the-shelf products that, once approved, can be utilized in any patient. The company web site is www.humacyte.com.
All statements, other than statements of historical fact, included in this announcement are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “will”, “anticipate”, “expect”, “believe”, “intend” and “should” or the negative of these terms or other comparable terminology. These statements relate to future events, Humacyte’s clinical development programs or Humacyte’s future financial performance, reflect management’s current beliefs and expectations and involve known and unknown risks, uncertainties and other factors that may cause Humacyte’s actual results, performance or achievements to be materially different. Except as required by law, Humacyte assumes no obligation to update these forward-looking statements.
About Access Industries
Founded in 1986 by Len Blavatnik, an American entrepreneur and philanthropist, Access Industries is a privately held industrial group with strategic investments in the United States, Europe and South America. With corporate offices in New York, London and Moscow, Access’s holdings include market-leading companies in the Natural Resources and Chemicals, Media and Telecommunications, Technology and E-commerce, and Real Estate sectors. Access has invested in biotechnology companies both domestically and abroad. Separately, the Blavatnik Family Foundation provides significant financial support to scientific and biomedical research programs at universities and research institutions around the world and funds the annual Blavatnik Awards for Young Scientists. For more information, visit www.accessindustries.com.
About Bangkok Bank Public Company Ltd.
Established in 1944, Bangkok Bank (BBL) has been listed on the Stock Exchange of Thailand since 1975, and is consistently recognized as one of the largest banks in Southeast Asia with total assets of approximately USD 85 billion. Bangkok Bank provides a wide range of financial services in Thailand and abroad for both business and individual customers. It also offers full commercial banking services including arranging syndicated loans, debt securities underwriting, trade finance, project finance, custodial services, SME and merchant services and specialist industry advice. Bangkok Bank has 17 million accounts including business and retail customers, approximately 240 business centers and business desks, and a nationwide network of over 1,200 branches.
About Brady W. Dougan
Brady W. Dougan serves as a Humacyte investor and a director on the Company’s Board of Directors since 2005. From 2007 to 2015, Mr. Dougan served as CEO and member of the Board of Directors of Credit Suisse Group AG, a leading global financial services company headquartered in Zurich. Prior to that, Mr. Dougan held executive positions at Credit Suisse and its predecessor firm, Credit Suisse First Boston, including CEO of the Credit Suisse Investment Bank. Mr. Dougan received a B.A. in Economics in 1981 and an M.B.A. in Finance in 1982 from the University of Chicago, Illinois.
About Reignwood Group
The Reignwood Group was founded in 1984 in Thailand by Dr. Chanchai Ruayrungruang, a Thai-Chinese entrepreneur with strong roots in China. The Group’s initial activities included general trading and tourism which quickly gave rise to a flourishing business with China that necessitated the opening of offices in Hong Kong and Beijing. In the 30 years that have followed, Reignwood Group has grown to a multinational enterprise with diversified investments in key growth industries in China and around the world with branch offices in Singapore, Thailand, United Kingdom, Canada, and United States, each office increasing the Group’s international brand presence and establishing Reignwood as a leading International Chinese enterprise.
About Gavril Yushvaev
Gavril Yushvaev, born in 1957, is a well-known Russian entrepreneur, global investor and philanthropist. In 1992, along with several business partners Mr. Yushvaev founded a Wimm-Bill-Dann company – one of Europe’s largest dairy products companies. Wimm-Bill-Dann was listed on NYSE in 2002 and later acquired by PepsiCo in 2011. Mr. Yushvaev’s business interests included over last 25 years diversified industries like FMCG, real estate, Oil & Gas, agriculture, entertainment with a current focus in high-tech, mining and real estate. The Yushvaev family has supported many cultural, sport, children and philanthropic institutions over the past 20 years.