Advances in Stem Cell Research

D2AD – TI HC

February 2011

2

Table of Contents

Executive Summary

Scope

Research Methodology

Key Findings

Sectoral Analysis

Technology Snapshot

Stem Cells--Current Technology Trends

Stem Cell Technology Roadmap

Government Grants and Stimulus Funding

GAP Analysis--Stem Cell Developer Community and Need for Funding

Assessment of Investment Ecosystems

Investor Networks and Recent Investment Climate

Venture Capital/Private Equity

VC Divisions of Corporates

Governmental Policies in Favor of Incubators

Technology Incubators

Stem Cell Policies

Funding Patterns and Investor Inclination

Future Plans And Expectations Of Investors

Analyst Insight and Recommendations

Assessment of Funding Sources

Investment Prospects and Opportunity Evaluation for Investors

Smart Scouting and Procurement Strategies for Stem Cell Companies

Key Patents

Contacts

3

Technology Snapshot

Stem cells have the potential to develop into many different cell types in the body during early life and growth. They also serve as an internal repair system, dividing to replenish

other cells. Distinguished from other cells by virtue of being unspecialized cells capable of Renewing themselves through cell division and that under certain physiologic conditions

they can be induced to become tissue or organ-specific cells with particular functions.

Types:Embryonic: Derived from embryos, that, in turn, are mostly derived from eggs that are fertilized in vitro and donated for research with donor’s permission.Adult Stem Cell: Undifferentiated cell found among differentiated cells in tissue/organ. Candifferentiate itself to yield some or all of the major specialized cell types of that tissue/organ.iPSC: Adult cells genetically reprogrammed to an embryonic stem-cell like state and forced toexpress genes and factors to define the properties of embryonic stem cells.

Applications:The use of stem cells has augured a new field called regenerativemedicine or cell therapy—replacing damaged or diseased cells inbody with new ones. The applications of stem cells can basically be classified into the following broad categories:Development of therapies and treatments in the following diseases:• Juvenile Type I diabetes• Nervous system diseases• Primary Immunodeficiency diseases• Bone and Cartilage diseases• CancerResearch in the following areas:• Developmental Biology• Models of human disease constrained by current animal and cell culture models.• Transplantation• Gene TherapyThe major factors influencing these applications are:1. Stem Cell policies2. Public funding resources for basic research3. Private funding sources for application-stage research

Some Major Companies:1. Advanced Cell Technologies2. Geron Corporation3. iPierian4. Cytori Therapeutics5. Osiris Therapeutics6. Mesoblast7. Aastrom

• A majority of the companies (~70%) are based out of the United States.• The Stem Cell Summit is an annual event held in the United States to provide opportunities for industrial and academic leaders in this field tointeract.

Stem cells have the potential to develop into many different cell types in the body during early life and growth. They also serve as an internal repair system, dividing to replenish

other cells. Distinguished from other cells by virtue of being unspecialized cells capable of Renewing themselves through cell division and that under certain physiologic conditions

they can be induced to become tissue or organ-specific cells with particular functions.

Types:Embryonic: Derived from embryos, that, in turn, are mostly derived from eggs that are fertilized in vitro and donated for research with donor’s permission.Adult Stem Cell: Undifferentiated cell found among differentiated cells in tissue/organ. Candifferentiate itself to yield some or all of the major specialized cell types of that tissue/organ.iPSC: Adult cells genetically reprogrammed to an embryonic stem-cell like state and forced toexpress genes and factors to define the properties of embryonic stem cells.

Applications:The use of stem cells has augured a new field called regenerativemedicine or cell therapy—replacing damaged or diseased cells inbody with new ones. The applications of stem cells can basically be classified into the following broad categories:Development of therapies and treatments in the following diseases:• Juvenile Type I diabetes• Nervous system diseases• Primary Immunodeficiency diseases• Bone and Cartilage diseases• CancerResearch in the following areas:• Developmental Biology• Models of human disease constrained by current animal and cell culture models.• Transplantation• Gene TherapyThe major factors influencing these applications are:1. Stem Cell policies2. Public funding resources for basic research3. Private funding sources for application-stage research

Stem cells have the potential to develop into many different cell types in the body during early life and growth. They also serve as an internal repair system, dividing to replenish

other cells. Distinguished from other cells by virtue of being unspecialized cells capable of Renewing themselves through cell division and that under certain physiologic conditions

they can be induced to become tissue or organ-specific cells with particular functions.

Types:Embryonic: Derived from embryos, that, in turn, are mostly derived from eggs that are fertilized in vitro and donated for research with donor’s permission.Adult Stem Cell: Undifferentiated cell found among differentiated cells in tissue/organ. Candifferentiate itself to yield some or all of the major specialized cell types of that tissue/organ.iPSC: Adult cells genetically reprogrammed to an embryonic stem-cell like state and forced toexpress genes and factors to define the properties of embryonic stem cells.

Some Major Companies1. Advanced Cell Technologies2. Geron Corporation3. iPierian4. Cytori Therapeutics5. Osiris Therapeutics6. Mesoblast7. Aastrom

• A majority of the companies (~70%) are based out of the US.• The Stem Cell Summit is an annual event held in the US to provide opportunities for industrial and academic leaders in this field tointeract.

ApplicationsThe use of stem cells has augured a new field called regenerativemedicine or cell therapy--replacing damaged or diseased cells inbody with new ones. The applications of stem cells can basically be classified into the following broad categories:Development of therapies and treatments in the following diseases:• Juvenile Type I diabetes• Nervous system diseases• Primary immunodeficiency diseases• Bone and cartilage diseases• CancerResearch in the following areas:• Developmental biology• Models of human disease constrained by current animal and cell culture models.• Transplantation• Gene therapyThe major factors influencing these applications are:1. Stem cell policies2. Public funding resources for basic research3. Private funding sources for application-stage research

Stem cells have the potential to develop into many different cell types in the body during early life and growth. They also serve as an internal repair system, dividing to replenish

other cells. Distinguished from other cells by virtue of being unspecialized cells capable of renewing themselves through cell division and that under certain physiologic conditions

they can be induced to become tissue or organ-specific cells with particular functions.

TypesEmbryonic: Derived from embryos, that, in turn, are mostly derived from eggs that are fertilized in vitro and donated for research with donor’s permission.Adult Stem Cell: Undifferentiated cell found among differentiated cells in tissue/organ. Candifferentiate itself to yield some or all of the major specialized cell types of that tissue/organ.iPSC: Adult cells genetically reprogrammed to an embryonic stem-cell like state and forced toexpress genes and factors to define the properties of embryonic stem cells.

Source: Frost and Sullivan

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2012 2013 20142011 2015

Stem Cells--Technology Roadmap

2016 2017 2018 2019 2020 2021

Advent of iPS cell-based therapies as

Alternatives to hES lines.

Use of APSCs to developtherapies for cardiovascular and musculoskeletal diseases

Development of standardizedIP system for protecting iPSCs.

Co-development of hES therapies.

Exclusive use of stem cells for drug screening, eliminating

animal testing altogether.

Extensive use of iPSCs to develop cancer therapies (NA). Use of cord blood

and hES cells for therapeutic development (APAC).

Use of iPSCs for gene therapy,drug screening, and also general toxin screening

Well-developed therapies using APSCsfor diseases , such as diabetes and

myocardial infarction.

Refinement of iPSC differentiationefficiency and research tools for

genetic programming (iPSC production)

Source: NIH, EuroStemCell, Nature Biotech

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Governmental Grants and Stimulus Funding—USA

CALIFORNIA•Upcoming companies: Cytori Therapeutics, iPerian,StemGent, NeuroGeneration, and California Stem Cell.•APSC and hESC (Geron Corp.) presenceabout 3 of the 4 major iPSC companies here.•CIRM --$300 million every year•NIH --$3.15 billion in research grants•Major venture corporations--Kleiner, Perkins, Caufield and Byers, Google Ventures, Morganthaler

•

CALIFORNIA•Upcoming companies: Cytori Therapeutics, iPerian,StemGent, NeuroGeneration, and California Stem Cell.•APSC and hESC (Geron Corp.) presenceabout 3 of the 4 major iPSC companies here.•CIRM --$300 million every year•NIH --$3.15 billion in research grants•Major venture corporations--Kleiner, Perkins, Caufield and Byers, Google Ventures, Morganthaler

•

NEW YORK•One of the last states to approve state funding•Empire State Stem Cell Trust--$121 million till 2009, $600 million pledged over 11 years•Notable companies --BrainStorm Cell Therapeutics,NeoStem. •Grant concentration on research institutions—Albert Einstein,Sloan-Kettering, Rochester , and Columbia

NEW YORK•One of the last states to approve state funding•Empire State Stem Cell Trust--$121 million till 2009, $600 million pledged over 11 years•Notable companies --BrainStorm Cell Therapeutics,NeoStem. •Grant concentration on research institutions—Albert Einstein,Sloan-Kettering, Rochester , and Columbia

MARYLAND•Established and strong state funding--Maryland Stem Cell •Research Fund (MSCRF), in collaboration with TEDCO (Maryland•Technology Development Corporation)•$54 million awarded in state grants so far•Notable companies--GlobalStem, Osiris Therapeutics, NeuralStem,and Vesta Therapeutics

MARYLAND•Established and strong state funding--Maryland Stem Cell •Research Fund (MSCRF), in collaboration with TEDCO (Maryland•Technology Development Corporation)•$54 million awarded in state grants so far•Notable companies--GlobalStem, Osiris Therapeutics, NeuralStem,and Vesta Therapeutics

MASSACHUSETTS•No established stem cell funding initiative.•General funding proposal from Massachusetts Life Science Initiative. •$45 million in grants •National Stem Cell Bank and first hESC registry to be created.•MPM Capital and Healthcare Ventures housed here.•Notable companies--Advanced Cell Technologies and ViaCell

MASSACHUSETTS•No established stem cell funding initiative.•General funding proposal from Massachusetts Life Science Initiative. •$45 million in grants •National Stem Cell Bank and first hESC registry to be created.•MPM Capital and Healthcare Ventures housed here.•Notable companies--Advanced Cell Technologies and ViaCell

NEW JERSEY•First state to finance hESC research including prohibited lines•New Jersey Stem Cell Initiative -- $15 million in funds so far.•Notable companies—Progenitor Cell Therapies (CMO) and Celgene Cellular Therapeutics.•Funding was also put on hold in 2008 for the New Jersey Stem Cell Center

NEW JERSEY•First state to finance hESC research including prohibited lines•New Jersey Stem Cell Initiative -- $15 million in funds so far.•Notable companies—Progenitor Cell Therapies (CMO) and Celgene Cellular Therapeutics.•Funding was also put on hold in 2008 for the New Jersey Stem Cell Center

Source: EDGAR, Primaries, CIRM database

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Governmental Grants and Stimulus Funding—Europe

UK•Notable national bodies: UK Stem Cell Initiative, Cambridge Stem Cell Initiative•Funding bodies: Medical Research Council, Biotechnology, and Biological Sciences Research Council, Wellcome Trust•Lack of venture funding, especially for technology that is feasible, but needs second or third round of funding (£1-£5m)•Notable companies: ReNeuron, Capsant, Reinnervate (applied)and EpiStem (CRO)General consensus: Flourishing stem cell industry difficult despitepermissive policy due to lack of venture funding.

UK•Notable national bodies: UK Stem Cell Initiative, Cambridge Stem Cell Initiative•Funding bodies: Medical Research Council, Biotechnology, and Biological Sciences Research Council, Wellcome Trust•Lack of venture funding, especially for technology that is feasible, but needs second or third round of funding (£1-£5m)•Notable companies: ReNeuron, Capsant, Reinnervate (applied)and EpiStem (CRO)General consensus: Flourishing stem cell industry difficult despitepermissive policy due to lack of venture funding.

SWEDEN•Funding bodies: Swedish Research Council, Foundation for Strategic Research, Wallenberg Foundation.•Commercialization of research is relatively easier due to availability of funds from members of the Swedish Venture Capital Association.•Active collaboration with US companies and seeking collaborations in China, Australia, Singapore, and India.•Government and private interest in stem cells, twomajor research centers (Karolinska and Lund) and permissive policy.•Interest from foreign venture firms, such as ABN Amro and MPM capital.•Strong research partnerships with US firms; actively seeking collaborations in China, Singapore, Australia, and India.

SWEDEN•Funding bodies: Swedish Research Council, Foundation for Strategic Research, Wallenberg Foundation.•Commercialization of research is relatively easier due to availability of funds from members of the Swedish Venture Capital Association.•Active collaboration with US companies and seeking collaborations in China, Australia, Singapore, and India.•Government and private interest in stem cells, twomajor research centers (Karolinska and Lund) and permissive policy.•Interest from foreign venture firms, such as ABN Amro and MPM capital.•Strong research partnerships with US firms; actively seeking collaborations in China, Singapore, Australia, and India.

DENMARK•Major government funding sources: Danish Research Council (DASADOC), Danish National Research Foundation,Danish Council for Strategic Research, and Danish NationalAdvanced Technology Foundation.•Corporate venture funding: Roche and Novo Nordisk.•Government initiatives for stem cell research: DanStem at theUniversity of Copenhagen, Danish Centre for Stem Cell Research.•Notable company: NsGene A/S

DENMARK•Major government funding sources: Danish Research Council (DASADOC), Danish National Research Foundation,Danish Council for Strategic Research, and Danish NationalAdvanced Technology Foundation.•Corporate venture funding: Roche and Novo Nordisk.•Government initiatives for stem cell research: DanStem at theUniversity of Copenhagen, Danish Centre for Stem Cell Research.•Notable company: NsGene A/S

Source: EuroStemCell, Primaries

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Governmental Grants and Stimulus Funding--APAC

AUSTRALIAThe most active participant in the stem cell sector from both an academic and an industry point of view.Australian Stem Cell Center (ASCC)—comprehensive stem cellorganization with a strong focus on partnering and networking.Active incubator support and commercialization policies from theUniversity of Queensland, University of Western Australia, ASCCAnd the Monash Institute of Medical Research (MIMR).Notable absence of work in the iPSC domain—critical at this stage.Notable companies: Mesoblast, Nephrogenix, Stem Cell SciencesTop research institutes: University of Western Australia, MIMR, andPeter McCallum Cancer Center.

AUSTRALIAThe most active participant in the stem cell sector from both an academic and an industry point of view.Australian Stem Cell Center (ASCC)—comprehensive stem cellorganization with a strong focus on partnering and networking.Active incubator support and commercialization policies from theUniversity of Queensland, University of Western Australia, ASCCAnd the Monash Institute of Medical Research (MIMR).Notable absence of work in the iPSC domain—critical at this stage.Notable companies: Mesoblast, Nephrogenix, Stem Cell SciencesTop research institutes: University of Western Australia, MIMR, andPeter McCallum Cancer Center.

SINGAPORE•Initiatives since 2004 from major funding sources such as the Biomedical Research Council (BMRC) and SSCC (Singapore Stem Cell Consortium).•Work on iPSC cells from the Genomic Institute of Singapore.•Government and private funding for a developing stem cell industry initiative.•Notable names: ES Cell International and Stem Cell Technologies Inc.•Major academic involvement for fundamental research: A*Star Biomedical Sciences Research Institutes, National University of Singapore and NanyangTechnical University•Permissive stem cell research policies (human cloning is forbidden).

SINGAPORE•Initiatives since 2004 from major funding sources such as the Biomedical Research Council (BMRC) and SSCC (Singapore Stem Cell Consortium).•Work on iPSC cells from the Genomic Institute of Singapore.•Government and private funding for a developing stem cell industry initiative.•Notable names: ES Cell International and Stem Cell Technologies Inc.•Major academic involvement for fundamental research: A*Star Biomedical Sciences Research Institutes, National University of Singapore and NanyangTechnical University•Permissive stem cell research policies (human cloning is forbidden).

SOUTH KOREA•Permissive stem cell policies allowing for both human and therapeutic cloning.•CHA Biotech, the premier stemcell research facility.•Collaborations with leading USstem cell companies, such as Advanced Cell Technology.•Federal funding an issue due to2004-05 scandal with stem cell cloning

SOUTH KOREA•Permissive stem cell policies allowing for both human and therapeutic cloning.•CHA Biotech, the premier stemcell research facility.•Collaborations with leading USstem cell companies, such as Advanced Cell Technology.•Federal funding an issue due to2004-05 scandal with stem cell cloning ISRAEL

•Second highest publication of stem cell research per capita globally.•10 startups in the stem cell industry focusing on adult and embryonic stem cell research and applications.•Challenge—no established system of stem cell funding or separategovernment-allocated funds for stem cell research. Only non-privatesources of funding are the Ministry of Health and Trade Stem Cell Consortium.•Renowned institutes and researchers in both adult and embryonic cellsdue to permissive policies: Weizman Institute, Tel Aviv University,Technion Institute.•Extensive collaborations with USA federal, private, and corporate funds.•Notable companies: Gamida, PluriStem, and CellCure Neurosciences

ISRAEL•Second highest publication of stem cell research per capita globally.•10 startups in the stem cell industry focusing on adult and embryonic stem cell research and applications.•Challenge—no established system of stem cell funding or separategovernment-allocated funds for stem cell research. Only non-privatesources of funding are the Ministry of Health and Trade Stem Cell Consortium.•Renowned institutes and researchers in both adult and embryonic cellsdue to permissive policies: Weizman Institute, Tel Aviv University,Technion Institute.•Extensive collaborations with USA federal, private, and corporate funds.•Notable companies: Gamida, PluriStem, and CellCure Neurosciences

Source: ASCC, UKSCF, Frost and Sullivan

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Stem Cell Policies (Global)

PermissivePermissive FlexibleFlexible RestrictiveRestrictive

9

Funding Patterns and Investor Inclinations

Distribution of Stem Cell Research Type in Top 21 Companies

Others 4.3%iPSC

8.7%

hESC17.4%

APSC69.6%

KEY FACTSAlmost 70% of the top players in the global stem cell industry are based on APSC research and APSC-derived therapies. Embryonic stem cells occupy around 17% of the top 21 list, around a fourth of the APSC share. ‘Others’ denote stem cell application technologies and cord blood cell banks.Maximum global funding is also concentrated in this area of stem cell researchEmbryonic stem cells are also less in share due to policy restrictions depending on geography. Many European countries, such as France and Switzerland that have otherwise robust IP systems have been unable to capitalize on this sector due to the absence of permissive policies. iPSCs currently have a very small share in the top 21. The technology for producing iPSCs is still very nascent and does not have much presence outside the US at present.

KEY FACTSAlmost 70% of the top players in the global stem cell industry are based on APSC research and APSC-derived therapies. Embryonic stem cells occupy around 17% of the top 21 list, around a fourth of the APSC share. ‘Others’ denote stem cell application technologies and cord blood cell banks.Maximum global funding is also concentrated in this area of stem cell researchEmbryonic stem cells are also less in share due to policy restrictions depending on geography. Many European countries, such as France and Switzerland that have otherwise robust IP systems have been unable to capitalize on this sector due to the absence of permissive policies. iPSCs currently have a very small share in the top 21. The technology for producing iPSCs is still very nascent and does not have much presence outside the US at present.

Stem cell fundingdepends on a

number of fators that should be

optimal formaximum funding

Stem cell fundingdepends on a

number of fators that should be

optimal formaximum funding

PolicyIndividual country policies play a very important

part in stem cell funding. hESC research has restrictions in many developed countries, such as

France and Germany, rendering this industry weak there.

Company StageThe developmental stage of the company is also a

decision-making factor, in particular for venture capitalists (VC). VCs tend to fund middle to late

stage companies while federal or state funding is more available for early stage ventures.

Time to MarketTime to market is the most important facture for VC-backed funding. VCs typically extend short-term financing rounds, and therefore, look for quick return on investment. This can only be

achieved by a short time to market.

Country InitiativesCountries, such as China, Singapore, Australia, and Sweden have taken extensive initiatives to

lure researchers, build incubation centers, and set up local as well as commercialization vehicles for

their stem cell sector.

Collaboration and tech transferA strong academia-industry and international

collaboration structure is necessary for translating academic research to a viable treatment or

product. This is especially visible in countries, such as Australia, US, and Sweden.

EconomyThe economic crisis of 2008-09 has a put a

significant strain on US funding in stem cells from the VC sector. Federal funding has not suffered as much, but higher federal funding implies taxpayer

bonds that have to be paid back at stipulated times.

FACTORS INFLUENCING STEM CELL FUNDING

Source: Frost and Sullivan

10

Funding Patterns and Investor Inclinations--Contd.

North AmericaNorth America EuropeEurope APACAPAC

Early-stageEarly-stage

Middle StageMiddle Stage

Late StageLate Stage

Economic crisis of 2008-09—

tightening of VC funds for early

stage as time to market is high

Economic crisis of 2008-09—

tightening of VC funds for early

stage as time to market is high

Other than Geron, most of these are APSC-based. Late stage companies exclusively

IPO.

Other than Geron, most of these are APSC-based. Late stage companies exclusively

IPO.

Europe does not have any late stage companies.

Venture system is strong in countries, such as like Sweden and Denmark.

Early-stage companies also qualify for stem cell

funding. hESC—still mostly research.

Europe does not have any late stage companies.

Venture system is strong in countries, such as like Sweden and Denmark.

Early-stage companies also qualify for stem cell

funding. hESC—still mostly research.

APAC has late stage companies due to Israel and Australia. Other

than IPO, another big funding source

is international federal and VC

funds.

APAC has late stage companies due to Israel and Australia. Other

than IPO, another big funding source

is international federal and VC

funds.

Government FundingGovernment Funding

Venture capital/corporate venture funding

Venture capital/corporate venture fundingIPO/institutional

investorsIPO/institutional

investors

Federal funding is high for early-stage companies

in China and Singapore. However,

Australia is undergoing a slow-down.

Federal funding is high for early-stage companies

in China and Singapore. However,

Australia is undergoing a slow-down.

The above grid provides an overview of the investing patterns according to the stage that the stem cell company is in and the geographical region where it is. The three regions shown on the X-Axis are the broad stem cell

‘hotpsots’. Funding has been classified in terms of federal, private/VC/corporate and public/institutional. The yellow boxes represent

examples of companies best fitting the axial characteristics of the rectangle.

The above grid provides an overview of the investing patterns according to the stage that the stem cell company is in and the geographical region where it is. The three regions shown on the X-Axis are the broad stem cell

‘hotpsots’. Funding has been classified in terms of federal, private/VC/corporate and public/institutional. The yellow boxes represent

examples of companies best fitting the axial characteristics of the rectangle.

Stemina, StemGent,PrimeGen

Stemina, StemGent,PrimeGen

Capsant, Stemedica

Intl.,

Capsant, Stemedica

Intl.,Beike

Biotech,Stem Cell

Sciences Pty.

Beike Biotech,

Stem Cell Sciences Pty.

Geron, Osiris

Geron, Osiris

Cytori, VistaGenCytori,

VistaGen

NeuroNova, NsGene

NeuroNova, NsGene

S*Bio, CellCure,ProChon

S*Bio, CellCure,ProChon

ES Cell Intl.,Abcam, Gamida

ES Cell Intl.,Abcam, Gamida

11

Investment Prospects and Opportunity Evaluation for Investors

Ste

m C

ell

s

Nephrogenix, Australia: Researchers at Nephrogenix investigate both embryonic and adult stem cells for use in cellular therapy for kidney diseases. It has long been assumed that kidney development ceased at birth with no prospect of regeneration of new functional units. Researchers at Nephrogenix are developing technologies to enable the differentiation of mesenchymal stem cells , such that they adopt a renal progenitor fate. It is envisaged that glomerular and tubulo-interstitial damage in the ESRD kidney can be repaired by the administration of embryonic stem cell-derived or patient-derived renal progenitor cells. The company is currently funded by the Australian Stem Cell Center and the Australian Medical Research Council. As the ASCC closed in 2010, the company is now actively looking for investors and collaborators

Nephrogenix, Australia: Researchers at Nephrogenix investigate both embryonic and adult stem cells for use in cellular therapy for kidney diseases. It has long been assumed that kidney development ceased at birth with no prospect of regeneration of new functional units. Researchers at Nephrogenix are developing technologies to enable the differentiation of mesenchymal stem cells , such that they adopt a renal progenitor fate. It is envisaged that glomerular and tubulo-interstitial damage in the ESRD kidney can be repaired by the administration of embryonic stem cell-derived or patient-derived renal progenitor cells. The company is currently funded by the Australian Stem Cell Center and the Australian Medical Research Council. As the ASCC closed in 2010, the company is now actively looking for investors and collaborators

Stemina Biomarker Discovery, WI, US: Stemina Biomarker Discovery, based out of Madison, Wisconsin, is one of the few companies to come up with DevTOXTM, a drug toxicity screening assay using stem cells as the base and metabolomics as the screening method. The assay is entirely human-based unlike previous toxicity screening models that have been rodent-based. Stemina first established a predictive model of developmental toxicity to use a tool for this assay. They then tested the model’s ability to predict teratogens by applying it against 9 different drugs. The results were 89% accurate, 80% specific, and 100% sensitive. Wisconsin has no established source of state funding and hence, the company is open to funding from private/venture/corporate investors.

Stemina Biomarker Discovery, WI, US: Stemina Biomarker Discovery, based out of Madison, Wisconsin, is one of the few companies to come up with DevTOXTM, a drug toxicity screening assay using stem cells as the base and metabolomics as the screening method. The assay is entirely human-based unlike previous toxicity screening models that have been rodent-based. Stemina first established a predictive model of developmental toxicity to use a tool for this assay. They then tested the model’s ability to predict teratogens by applying it against 9 different drugs. The results were 89% accurate, 80% specific, and 100% sensitive. Wisconsin has no established source of state funding and hence, the company is open to funding from private/venture/corporate investors.

Stem Cell Technologies, SCTi, Singapore: This company conducts both basic and application-based research on all types of adult mesenchymal stem cells for the discovery of therapies for cardiovascular diseases, diabetes, congenital birth defects, and retinal diseases. This consortium is funded by the FDA and A*Star Institute for Biomedical Sciences. However, some venture funding and incubator support will help it translate its therapies from the lab to the ‘bedside’.

Stem Cell Technologies, SCTi, Singapore: This company conducts both basic and application-based research on all types of adult mesenchymal stem cells for the discovery of therapies for cardiovascular diseases, diabetes, congenital birth defects, and retinal diseases. This consortium is funded by the FDA and A*Star Institute for Biomedical Sciences. However, some venture funding and incubator support will help it translate its therapies from the lab to the ‘bedside’.

Capsant, UK:High-throughput in vitro tissue platform for drug discovery using progenitor stem cells. However, as the company is based out of the UK, it is highly probable that second, third and fourth series financing rounds cannot be sourced, due to the lack of venture funds.

Capsant, UK:High-throughput in vitro tissue platform for drug discovery using progenitor stem cells. However, as the company is based out of the UK, it is highly probable that second, third and fourth series financing rounds cannot be sourced, due to the lack of venture funds.

Short-TermShort-Term Long-TermLong-TermMedium-TermMedium-Term