DURHAM, NC – Durham’s Aldagen, a biopharmaceutical company developing therapeutics for tissue repair and regeneration, has been bought by Cytomedix Inc., a similar company in Gaithersburg, Md. Aldagen employs 14 in Durham and will keep manufacturing and product development facilities there.
Depending on potential milestones, the deal could be worth around $40 million. At closing, Aldagen shareholders received Cytomedix shares and will own 17 percent of that company.
As part of the transaction, some investors in Aldagen, which was backed by Durham-basedIntersouth Partners, bought $5 million of Cytomedix common stock in a private placement. That investment will help fund a Phase II clinical trial for a drug that could be used in the treatment of post-acute ischemic stroke — a drug for which Adagen estimates there is a $3.5 billion market.
Cytomedix has 22 employees and has grown “from nominal sales to $6 million per year in just over 18 months,” according to Martin P. Rosendale, the company CEO.