The Tribune

A Grand Bahama-based stem cell clinic yesterday announced it had taken its financial war chest to a total $14.2 million, after completing an $8.9 million financing round.

Okyanos Heart Institute, which plans to treat coronary artery disease (CAD) using adult stem cell therapy, said it had raised $8.9 million in its Series B offering. Passion Group founder, Ali Shawkat, led the financing round.

“Okyanos has the vision, medical leadership, adult stem cell technology and business model to better the lives of millions of patients, their families and society,” said Mr Shawkat. “Cell therapy promises to be a new pillar of medicine as it is based on the natural biology of the body.”

“This funding brings Okyanos’ total funding to $14.2 million. Financial strength is integral to our commitment to treat patients with cardiac cell therapy at the highest standards of safety and care,” said Matthew Feshbach, co-founder and chief executive of Okyanos.

Okyanos’ cardiac stem cell therapy procedure uses cells known as adipose-derived stem and regenerative cells (ADRCs), processed by a technology that has been approved and is commercially available in Europe, Australia, New Zealand, Singapore and other international jurisdictions.

Okyanos has procured a state-of-the-art Philips cath lab, and is building out a centre of excellence capable of treating over 1,000 patients per year in Freeport.

Mr Feshbach added: “We have a sophisticated, entrepreneurial group of investors who are like-minded in our purpose to safely improve the quality of life of patients suffering from illnesses such as CAD, using adult stem cells derived from adipose (fat) tissue.”

The company will begin treating patients with coronary artery disease using their own stem cells in the summer of 2014.