iZumi Bio merges with Pierian to fuel stem cell technology
iZumi Bio, a research firm specializing in stem-cell research used to create a range of treatments, has merged with a similar company, Pierian, to advance development of regenerative medical therapies. At the same time, the new entity — iPierian — has taken in $11.5 million in new capital, including $10 million from MPM Capital.
The new company is taking up iZumi’s objective: to focus on pluripotent stem cells — skin cells that can be endowed with the same pliant properties as stem cells. They are significant because they provide a viable alternative to controversial embryonic stem cells, which have been a political sticking point.
FinTech Capital Partners kicked in the other $1.5 million to the round. Based in South San Francisco, iZumi Bio raised $20 million in first-round funding from Kleiner Perkins Caufield & Byers and Highland Capital Partners in April. It had also landed a deal with Kyoto University to perform parallel studies and compare results — this partnership will continue following the merger.
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