An early-stage regenerative medicine company has just received a $336,000 vote of confidence from the Gopher Angels
The Gopher Angels are a Minnesota-based network of over 60 investors who seek to invest their capital and expertise from a life in the industry, into early-stage businesses. Since their founding in 2012, investors in the group have sunk more than $6 million into 21 promising startup companies. This list of companies now includes StemoniX Inc., the recipient of a $336,000 investment by the Angels on June 15.
StemoniX specializes in making plates of human tissue for custom drug discovery and personalized precision medicine. This business is made possible because of the relatively quick, low-cost (but high-volume) process for growing and differentiating stem cells. Based in Eden Prairie, StemoniX has developed technology that will allow other pharmaceutical companies and drug researchers to test their drug’s efficacy and toxicity before having to go through lengthy and expensive clinical trials, lowering costs and speeding up the process. StemoniX has cell-lines that can be tailored specifically to each patient that will help discover new treatments for many diseases including autism, heart disease, and cancer.
A StemoniX tissue plate. Photo courtesty of StemoniX.
“StemoniX is developing and commercializing technology that promises to increase the success rate of new drugs in clinical trials as well as enable personalized medicine,” says David Russick, the managing director and co-founder of Gopher Angels. He notes that the investors are excited to be joining the StemoniX team to help advance this effort.
Ping Yeh, StemoniX CEO and co-founder, says “We are ecstatic to be partnered with Gopher Angels. Their process is respectful to the entrepreneur and our shared vision about the power of Minnesota’s innovation ecosystem is in complete alignment.”