By Angela McDaniels
Seattle, Nov. 1 - Vital Therapies Inc. said it has completed the first close of the company's $8 million series B private equity financing.
MedVenture Associates led the investment, with participation from Valley Ventures, Paragon Venture Partners and Toucan Capital and individual investors.
The proceeds of the financing will be used to initiate further clinical studies of the Extracorporeal Liver Assist Device system, a cell-based therapy that provides metabolic support for patients with severe liver failure.
In connection with the financing, Jan Barker of MedVenture Associates has joined the Viral Therapies board of directors. Linda Powers of Toucan Capital has joined as an observer.
"At MedVenture Associates we know that successful investments require an innovative idea, a large unmet market need and a capable management team. Vital Therapies has all of these components," said Jan Barker.
Vital Therapies is a San Diego-based pharmaceutical that develops liver therapies.
| Issuer: | Vital Therapies Inc.
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| Issue: | Series B private equity financing
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| Amount: | $8 million
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| Investors: | MedVenture Associates (lead), Valley Ventures, Paragon Venture Partners, Toucan Capital, individual investors
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| Announcement date: | Nov. 1
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