Date: Dec 20, 2013 Source: citybizlist (
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New Health Sciences Inc. has raised $12.3 million, or nearly 70% of a $17.6 million mixed offering, from three investors, according to an SEC filing,
The Camrbidge-based company is the developer of Hemanext, a proprietary anaerobic storage technology designed to extend the shelf life of refrigerated red blood cells. In the current storage process, RBCs exhibit cellular functional changes and deterioration due to oxidation. Hemanext minimizes oxidative damage to red blood cells in storage, thus keeping the blood "fresher" for longer time. In 2010, New Health got together with Tulane University for research and development of Microvascular Analyzer technology.
So far, the company had financed development of the Hemanext technology through private investor funding and a series of National Institute of Health ? Small Business Innovation Research grants.
New Health has been led since its inception in 2004 by president and CEO Martin Cannon. Previously, Cannon was with Bain & Company. He also founded an international consulting and business development firm, Cannon Associates, in 1990. A.T. Kearney acquired Cannon in 1997.
