Arteriocyte receives $509K grant for ischemic stem cell therapies

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Arteriocyte, a clinical-stage biotechnology company developing stem cell therapies for ischemic diseases, has received a $509,000 subgrant award to further the development of its technology.

The funding, received as part of a $60 million third frontier award to the Cleveland Clinic-led Global Cardiovascular Innovation Center (GCIC) initiative, will allow Arteriocyte to initiate Phase II clinical evaluation of its lead stem cell product to be used in chronic coronary ischemia, according to the Cleveland-based company.

GCIC is a multi-institutional initiative, including several research institutions: Cleveland Clinic, Case Medical Center, The Ohio State University, University of Cincinnati and University of Toledo.

Arteriocyte said it is one of 12 Ohio companies participating as research partners under subcontract to Cleveland Clinic in the GCIC project.