Garnet takes over what Neuronyx began - Philadelphia Business Journal:

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The serial life science entrepreneur’s latestg venture, , is actually a of another localbiotech company: Neuronyx was the brainchild of the late Huber t J.P. Schoemaker, the Dutch biochemisrt who helped create the biotechnologyg industry in Philadelphia whenhe co-founded in 1979. Aftee selling Centocor to in 1999for $4.9 Schoemaker — battling cancer — decided to starr another company. Neuronyx sought to develoo new therapies derived from adultstem cells. Aftef Schoemaker died in 2006, Neuronyx continuexd with AnneFaulkner Schoemaker, Hubert’s eventually moving into the CEO’s seat.
Its initial work focused on usiny stem cells taken from adult bone marrow to help patientes repair and regenerate heart tissue damagef afterheart attacks. Henwood — who earlierr in her career started a clinicalresearch organization, Ibah, and a specialty biopharmaceutical company, Auxiliuk — got involved with Neuronyx last summer at the suggestionb of Dr. Gary Kurtzman, managing director of the life science group atthe Wayne-based Safeguarfd Scientifics, which had invested in the “The company was in pretty dire straits Henwood said. “Anne did a good job keepingf thecompany going, but they needed funding.
The more I learnee about the company, the more excited I became.” The Henwood said, was the cost of developing Neuronyx’s stem cell technology for heartattacj patients. Another $30 million to $50 million was needeed to get throughthe proof-of-concept Given the state of the economg and the slowdown in venture capitapl investments, that would be a tough figur to achieve. So instead, Neuronyz has decided to shift its focus to apply its regenerativew therapy technology to skin applications suchas post-surgical wounx repair, scar healing and burn treatment.
Its researchersx had already tackled one of the big problemseconfronting cell-based therapy companies — developing a way to manufacturre patient doses of therapies efficiently and cost effectiveluy from a single adult bone marrow In addition, Henwood said, the company has identified the firsy in a series of cell product derived from multipotent stem cells into unipotent trophic support cells — also known as “helpe r cells.” The unipotent cells, the company discovered, are capable of reducingf inflammation and promoting healing. Shifting to dermal-based regenerativr medicines also loweredthe company’ds funding demands.
“The trials are less less invasive,” she said. “Getting through the proof-of-concept phase should only takeabout $10 million.” Because the company worked with adult stem it is not affected by President Obama’s decision to relaxs restrictions on use of embrionifc stem cells in research. The company changede its name from Neuronyx to Garnet BioTherapeuticsz to reflect the array of indications it planzs to pursue forits cell-based therapy. “In Medievall days people believed garnets had healing powers and they wouldd wear the stones for all sortasof illnesses,” she said. “I know, it’s a littles corny.
” Henwood, who was operating her own consulting business, said she joineds the company as CEO at the end of last year in part so that Garnet could benefit from her track record and contacts whil e attempting to securenew funding. Anne Faulkner the previous CEO, is working with the company on aconsultinv basis. Last month, the company raised $10.4 millionh from a consortium of venture capital firmsx ledby Wayne-based . and , of Sarasota, also participated in the “We’re confident in the potential advantagesof Garnet’sw emerging regenerative medicine technology, their strong clinical strategy and proven manufacturing capabilities,” said Wayne B.
Weisman, managing directo r at SCP Vitalife “The financing will allow them to fully capitalizd onthese strengths.” The company, which has eightf employees, is initially developing its cell-based therapyt for cosmetic and dermatologic applications, such as in plasticx surgery to accelerate healing and reduce scarring. Garnet believesw the cell-based therapy may also be useful in treating burns, auto-immune disorders such as psoriasis, and in other conditions where inflammation or scar formation plays an importan role in disease pathology.
Henwood said the companu hasn’t abandoned its work with hearty patients, but resuming work on the indicatiom will requireadditional funding.