Fresenius Medical Care A... (XE:FME)
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By Max Bernhard
Fresenius Medical Care AG & Co. KGaA (FME.XE) said Thursday that it plans to invest 60 million euros ($66.0 million) in its stem-cell technology subsidiary Unicyte.
FMC said it plans to make the investment in a series A financing round and that Unicyte will use the money to start clinical trials of its first product candidates in 2020 and to establish the necessary manufacturing processes.
Unicyte, which is fully owned by FMC, focuses on kidney and liver disorders.
"Driving regenerative therapies not only addresses the U.S. administration's initiative to improve the prevention of end-stage renal disease, but can help us to significantly slow the progression of kidney disease and make the most innovative therapies available to our patients," said Rice Powell, CEO of Fresenius Medical Care.
Write to Max Bernhard at email@example.com; @mxbernhard
(END) Dow Jones Newswires
September 05, 2019 05:36 ET (09:36 GMT)
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