Durham-based Aldagen has renewed plans to become publicly owned with an initial public offering of stock after putting a similar plan on hold a year ago.
The company has nenewed its filing with the Securities and Exchange Commission to go through with the IPO listing on the Nasdaq exchange to raise $80.5 million. The company had filed for the IPO in May, 2008, but pulled back three months later, saying market conditions were "not in the best interest of the Company at this time."
Aldagen previously raised about $56 million in venture capital. Those owners include:
- Aurora Funds of Research Triangle Park
- Intersouth Partners of Durham
- Harbert Venture Partners of Birmingham, Alabama
- Tullis-Dickerson Capital of Greenwich, Connecticut
- CNF Investments of Bethesda, Md.
- The Trelys Funds of Columbia, S.C.
Aldagen is a biopharmaceutical company developing proprietary regenerative cell therapies that target significant unmet medical needs. The company's most advanced product candidates are ALD-101, ALD-301 and ALD-201.
Aldagen is currently conducting a pivotal Phase 3 clinical trial of ALD-101 to evaluate its efficacy in improving engraftment following umbilical cord blood, or cord blood, transplants used to treat inherited metabolic diseases in pediatric patients. In addition, based on the results of our Phase 1/2 clinical trial of ALD-301, the company intends to commence a pivotal Phase 3 clinical trial of ALD-301 in 2010 to evaluate its efficacy in treating critical limb ischemia.
Aldagen has received a special protocol assessment, or SPA, concurrence letter from the FDA for the design of this trial. Aldagen has also completed a Phase 1 clinical trial of ALD-201 for the treatment of ischemic heart failure. We are also developing additional product candidates for the improvement of engraftment following cord blood transplants used to treat leukemias, for the treatment of inherited metabolic diseases and for the post-acute treatment of ischemic stroke.