Recombinetics Secures $630K In Extension Funding Round
Recombinetics has initiated an extension equity-financing round in hopes of raising about $3.7 million.
The bioengineering company from St. Paul has already managed to secure $630,000 from seven investors, according to a filing made Tuesday.
“With all of the recent changes at Recombinetics, we thought it was material to our offering to update it with the new management team and board of directors before closing out the remaining $3,688,820,” said Tammy Lee Stanoch, chief corporate affairs officer at Recombinetics.
The extension funding follows a $10 million funding round from earlier in the year. According to a filing made in July, Recombinetics managed to raise $5.7 million of its $10 million goal. Stanoch said the company has approximately $2 million left to raise.
Recombinetics is run by Ian Friendly, a General Mills veteran who joined the company in May along with a number of individuals from med-tech companies like Medtronic and St. Jude Medical.
The company made a name for itself in the field of gene editing and has relationships with Mayo Clinic and the University of Minnesota. By modifying the genomes of livestock animals, Recombinetics aims to apply its technology to three divisions: animal health, human medical research, and regenerative medicine.
Recombinetics previously said it was gearing up to move into the commercialization phase. Stanoch told TCB the money it is raising will go toward a number of efforts, including new management hires; “additional scientific expertise and capabilities in [its] labs, including a new cloning lab;” fees related to new patents and intellectual property filings; and various business development activities.