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Pa. firm invests in Calif. biotech group


Published : Tue, 27 Feb 2007 23:19
By : Agencies
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WAYNE, Pa. (AP) - Safeguard Scientifics Inc. announced Tuesday that it has invested $8 million in a California firm that develops regenerative medicines.

The investment is part of a $25.5 million financing round for Advanced BioHealing Inc., which will put the money toward launching a product that will be used to treat diabetic foot ulcers.

Gary J. Kurtzman, vice president of life sciences for Wayne-based Safeguard, joins Advanced BioHealing's board of directors as part of the deal, the company said.

Advanced BioHealing has manufacturing and corporate offices in La Jolla, Calif., and research and development offices in New York City.

Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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