Encelle Completes Series B Financing

BT Catalyst,  June, 1999  

• E-mail
• Print
• Link

Encelle Inc. of Raleigh has closed on the final $500,000 in a total of $5 million in Series B financing.

"The financing will allow us to continue to develop our proprietary technologies and move closer to clinical trials," said James D. Woodward, the company's president and chief executive officer. "It's an exciting time for us," he added.

Investors to date include the North Carolina Bioscience Investment Fund, Intersouth Partners of Durham, the North Carolina Enterprise Fund and Cordova Ventures of Atlanta.

Encelle is developing a bioartificial pancreas and drug-delivery systems for Type 1 diabetes with two core technologies. The company hopes to file an investigational new drug application with the FDA later this year. The company is also looking into other applications for the technology, including vascular implants, angiogenesis and drug-delivery systems.

COPYRIGHT 1999 North Carolina Biotechnology Center
COPYRIGHT 2008 Gale, Cengage Learning