TARA Biosystems announced today that it closed on a $9 million Series A financing.
TARA offers testing services on its human stem cell-derived cardiac tissue platform. The company’s platform, which is based on its proprietary Biowire™ technology, enables discovery efforts for novel heart medicines via its disease modeling and phenotypic screening capabilities. TARA can also utilize its precision cardiology efforts to help successfully translate research efforts to the clinic.
Series A Proceeds will Fuel 2018 Product Launch and New Product Development
Proceeds from the $9M Series A financing will fuel the launch of TARA’s first products in 2018 and accelerate the development of TARA’s growing portfolio of healthy cardiac tissues, cardiac disease models as well as a range of acute and chronic testing service products.
The Series A round was co-led by Trancos Ventures and Morgan Noble. “The team has invested considerable effort digging deep into customer needs and, in parallel on the technical front, has generated a significant dataset, supporting a unique and compelling value proposition for the cardiovascular R&D community,” said Craig Asher, the managing partner for Trancos Ventures. “We’ve been further impressed with TARA’s ability to translate these efforts into early traction with big pharma in cardiac toxicology.” The NYS Innovation Venture Capital Fund administered by Empire State Development joined the round, which also included TARA’s existing investors, Alexandria Venture Investments, the strategic venture capital arm of Alexandria Real Estate Equities, Inc. (NYSE:ARE), 180 Degree Capital Corp. (NASDAQ:TURN; f/k/a Harris & Harris Group, Inc.), Empire State Development's Innovate NY Fund and the Partnership Fund for New York City.
“TARA is extremely fortunate to be working with this group of highly successful and experienced life science technology investors,” said Misti Ushio, CEO of TARA Biosystems, “This financing will propel the launch of our cardiac analysis solutions based on our Biowire™ technology platform.”