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With Scaffold for Regenerating Arteries, Cardiovate Raises $350,000 more

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SA biotech firm drawing global interest year after moving from Germany

Last June, San Antonio leaders celebrated the decision by Cytocentrics to move its headquarters here from Germany — hailing it as another feather in an increasingly crowded biotech hat. But that relocation could have a far more profound impact on the Alamo City than anyone dared predict in the summer of 2015.

Cytocentrics has gained increasing attention in the U.S. The company’s CEO, James Garvin, said the FDA has selected its improved CytoPatch technology to support a new Comprehensive in Vitro Proarrhythmia Assay — or CiPA — initiative, intended to improve testing for cardiac safety in new drugs in this country.

Since relocating its headquarters to San Antonio, Cytocentrics has entered into deals with multiple international biotech companies, including Germany-based Axiogenesis and Cyprotex Plc., an English firm. And now there is increased interest from several other countries, both in Cytocentrics and its new home.

“In the last six months, the Japanese have been here. The Koreans have been here,” Garvin told me. “The Germans, the Dutch, the English and the Swedes have been here — to visit us. People are taking note of San Antonio. They are blown away.”

The increased interest has translated into greater revenue opportunities. Garvin, who anticipates Cytocentrics’ will generate about $6 million in 2016, said the company doubled its revenues over the first half of this year compared to the same period in 2015.

Investors are taking a greater interest in the company as well. Cytocentrics noted in a Form D filed with the U.S. Securities and Exchange Commission on Aug. 10 that the company had raised more than $15.8 million in an equity offering.

Garvin said San Antonio provides stable footing for a company with exceptional upside potential.
“Within a mile of my office there are 4,000 research scientists,” he said. “For a company like ours, which is constantly pressing the frontiers of research, to have people like that, to see what they are doing, is extremely beneficial. This is a great place for a biotech company to be.”

Source: http://www.bizjournals.com back

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