Wednesday, July 8, 2009
iZumi Bio, Pierian Merge, Gain Investment
South San Francisco-bsaed iZumi Bio and Boston-based Pierian, two biotech firms focused on stem cell based therapeutics, said today that they have merged to form a new company, iPierian, and also raised funding worth $11.5M. The two said they will focus on developing therapies using induced pluripotent stem (iPS) cells. The new funding came from MPM Capital, which invested $10M in the firm, plus FinTech Capital Partners, which contributed $1.5M to the effort. The firms previously raised $20M from Kleiner Perkins Caufield & Byers and Highland Capital Partners. MPM's Ashley Dombkowski will join the board along with the funding.