CellFactors plc, a small biotechnology company specialising in the development of human cell-based therapies, has gone into receivership. The announcement came after the company failed to raise the level of investment needed for pre-clinical development of its lead technology, a mixture of chemicals derived from human cells that promotes bone growth.
The company is based at Babraham Hall in Cambridge, with laboratory facilities at the University of Sheffield. Its technology is based on human cell lines, which were originally sourced from six- to eight-week old fetuses. Skeletex is made up of chemicals extracted from these cells and promotes growth when applied to bone tissue. An important feature is that the new growth contains blood vessels similar to those found in normal tissue. Skeletex is currently in pre-clinical trials.
The company is also developing similar therapeutic products targeted at skin, cartilage, tendon and heart tissue, and has a human brain cell line called NeuCell, which may be useful for neuroscientific research and the development of pharmaceuticals.
'Obviously this is a sad day for CellFactors given the progress we have made in the last six months and the commercial potential of the technology and intellectual property', said Paul Bailey, former CEO. 'I am convinced we shall receive significant interest in these assets.'
Sources and References
Biotech firms fail to entice backers
CellFactors enters administration