Baltimore, MD – Secretome Therapeutics, a biotechnology company focused on developing therapies from neonatal cardiac progenitor cells, has successfully closed a $20.4 million financing round. The funds will support the company’s efforts to initiate clinical trials for its lead asset, STM-01, and continue advancing its drug development pipeline.
Headquartered in Baltimore, with additional offices in Plano, Chicago, and a presence at BioLabs at Pegasus Park in Dallas, Secretome aims to revolutionize heart disease treatments with its innovative approach.
Clinical Trials to Begin Soon
The newly secured capital will enable Secretome to launch two Phase 1 clinical trials for STM-01. The trials will focus on heart failure with preserved ejection fraction (HFpEF) and dilated cardiomyopathy (DCM), two prevalent and challenging heart conditions. The company expects to release proof-of-concept data for STM-01 by the third quarter of 2025.
Strategic Initiatives Funded by New Capital
In addition to clinical trial support, the funding will also fuel several key initiatives for the company through mid-2026, including:
Manufacturing Scale-Up: Transitioning STM-01 production to 3-dimensional bioreactor technology for improved scalability.
Pipeline Expansion: Advancing STM-21 and other preclinical programs aimed at addressing inflammatory conditions.
Regulatory Strategy: Defining the regulatory pathway for STM-01 in orphan disease indications.
Intellectual Property: Expanding the company’s intellectual property portfolio with new patents for next-generation cell therapies and other products, following the issuance of composition patents for STM-01 and STM-21.
Leadership’s Vision for Growth
Vinny Jindal, co-founder, president, and CEO of Secretome, expressed his gratitude to investors in a statement: “We’re grateful to have investors who share our vision and whose support enables Secretome to become a world-class drug development company. Stem cells have shown extraordinary therapeutic potential, but challenges such as manufacturing inconsistencies have limited their broader application. Our neonatal CPC platform delivers unmatched consistency and potency, positioning Secretome to lead in this emerging field.”
Plans for Upcoming Trials
By the end of 2024, Secretome plans to initiate two multiple-ascending dose Phase 1 trials for STM-01. The first trial, led by Dr. Sanjiv Shah of Northwestern University, will test STM-01 in patients with HFpEF. The second trial, an investigator-sponsored study at Emory University, will focus on non-ischemic DCM, under the leadership of Dr. Arshed Quyyumi.
Strategic Investment from HEST Ventures
In September, Secretome also received an $1.8 million investment from Dallas-based venture capital firm HEST Investments, through a Special Purpose Vehicle (SPV). HEST, known for backing cutting-edge biotech ventures, highlighted the investment as a milestone in its commitment to advancing first-in-class innovations in the sector.
This funding round is a key step in Secretome’s mission to bring next-generation heart therapies to patients, advancing its position in the rapidly evolving biotech landscape.
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