Thursday, December 11, 2008

Healionics Scores $2.6M From Angels

Biomaterials manufacturer Healionics Corp. announced this morning that it has raised a second round of institutional financing worth some $2.6 million. The Redmond, Wash.-based company said several angel networks participated in the Series B effort, including the Bellingham Angels, Alliance of Angels, Keiretsu Forum, Tacoma Angel Network and Zino Society. Robert Brown, Healionics' chief executive, said the money will help his company achieve key milestones, such as product development and additional preclinical studies. Healionics closed a Series A round worth $1.7 million earlier this year. The company's flagship product is a biomaterial scaffold called STAR—Sphere Templated Angiogenic Regeneration--used for tissue regeneration after surgery. The firm's technology was developed and licensed from the University of Washington's Engineered Biomaterials group. More information »