Arteriocyte received a $509,000 subgrant that will allow the company to initiate Phase II evaluation of its lead stem cell product in chronic coronary ischemia. The funding is part of a $60 million award to the Cleveland Clinic-led Global Cardiovascular Innovation Center (GCIC) initiative.
GCIC is a multi-institutional initiative that includes major research institutions in Ohio including Cleveland Clinic, Case Western Reserve University, University Hospitals, Ohio State University, University of Cincinnati, and University of Toledo. Arteriocyte is reportedly one of 12 Ohio companies participating as research partners under subcontract.
“As Arteriocyte prepares to enter Phase II clinical evaluation of our lead stem cell therapy, ACY001,” remarks Donald Brown, Arteriocyte's chairman, “the support and collaboration with Cleveland Clinic's GCIC will help to accelerate our entry into the company's next stage of clinical development.”