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Business

U.K. Biotech Firm Raises Cash By Crowdsourcing

by Alex Scott
February 16, 2015 | APPEARED IN VOLUME 93, ISSUE 7

Cell Therapy, a Cardiff, Wales-based start-up developing a stem cell medicine for repairing muscle damage caused by heart attacks, has raised just over $1 million via the crowdfunding website Crowdcube. The new shareholders collectively own just over 1% of the company, valuing it at about $114 million. Cell Therapy rejected offers from venture capital funds in favor of equity crowdfunding to maintain more control over the business. It is the third European biotech firm to successfully raise cash via crowdfunding in recent weeks.

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