CytoSolv lands $500,000 in seed money

February 9, 2010 by MassDevice staff

Rhode Island's state-backed venture arm, the Slater Technology Fund, is investing $500,000 in Providence-based CytoSolv Inc., which is developing a treatment for diabetic ulcers and other wounds.

The company's technology is based on wound-healing factors derived from choroid plexus, part of the blood/brain barrier that secretes proteins involved in healing into the cerebrospinal fluid.

Collaborating with Living Cell Technologies Ltd. (ASX:LCT), CytoSolv is using porcine CP from a genetically pure herd of swine from an isolated island off the southern coast of New Zealand, according to a press release. The company plans to use material from the pigs to isolate and purify CP-derived proteins for tissue regeneration.

Founded by Dr. Moses Goddard and Christopher Thanos, both of whom have long-standing ties to Brown University, CytoSolv will use the money to develop pre-clinical data on its technology. The two men are no strangers to regenerative medicine, having been involved with CytoTherapeutics Inc. — later re-named as StemCells Inc. (NSDQ:STEM) — Neurotech Inc. and LCT BioPharma.

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