Heartseed raises 2 billion JPY in series D funding to accelerate development of iPSC-derived stem cell therapy for heart failure

TOKYO--( BUSINESS WIRE )-- Heartseed (Heartseed Inc.), a Tokyo-based biotechnology company developing iPSC-derived cardiomyocytes for heart failure (HF), today announced it has raised 2 billion JPY at Series D round, bringing its total financial backing to 10.2 billion JPY (approx. $74 million) since it was founded in 2015.

New investors are Japan Co-Invest IV Limited Partnership (GP: Sumitomo Mitsui Trust Investment), Arcus South East Asia, Atsushi Sakano (Partner of Aspex Management), Koei Tecmo Capital, Nikon-SBI Innovation Fund, etc. Among the existing investors, SMBC Venture Capital, Private Equity Co-Invest II Limited Partnership (GP: Sumitomo Mitsui Trust Investment), UTokyo Innovation Platform, Medical Incubator Japan, Keio Innovation Initiative (KII), etc. participated this round.

Heartseed plans to use the new funds to complete the Phase 1/2 clinical trial of our lead asset, HS-001 for HF in Japan, as well as to establish an organization for its launch. In addition, Heartseed will also examine a less invasive administration such as transendocardial injection using a catheter for global development by Novo Nordisk.

“Heartseed achieved the first human dosing of HS-001 in December 2022, and initial safety and early sings of efficacy are being confirmed.” said Keiichi Fukuda, co-founder and CEO at Heartseed. “The commitment from both new and existing investors in this round is a strong validation of our technology and strategic vision. With their support, we look forward to accelerating our development to deliver potentially curative therapy for heart failure across the globe.”

About HS-001 and LAPiS Study

HS-001, is allogeneic iPSC-derived, highly purified ventricular cardiomyocyte spheroids. By forming micro-tissue-like spheroids, retention rate and viability of cell transplant are improved. The expected mechanism of action is that the transplanted cardiomyocytes electrically couple with the patient's myocardium to improve cardiac output by remuscularization, and secretion of angiogenic factors to form new blood vessels around the transplant site (neovascularization).

LAPiS Study a 52-week, phase 1/2, open-label, dose-escalation study in patients with advanced heart failure caused by ischaemic heart disease, conducted at various study sites in Japan. The primary endpoint of the study is safety at 26 weeks post-transplantation, and secondary efficacy endpoints include left ventricular ejection fraction and myocardial wall motion.

For details: https://www.heartseed.jp/en/index.html

View source version on businesswire.com: https://www.businesswire.com/news/home/20230525005069/en/