Exton-based Castle Creek Biosciences, a cell and gene therapy company, secured a nine-figure investment through financiers in an oversubscribed and upsized preferred stock sale, writes John George for the Philadelphia Business Journal. 

Investors included its parent company, Paragon Biosciences, and previous backers Fidelity Management & Research Co. and Valor Equity Partners. Additionally, a “premier group of healthcare-focused investors” participated in the funding to reach a total of $112.8 million. 

This investment is a testament to the long-term potential of Castle Creek’s testing methods and its in-house manufacturing capabilities.

“Castle Creek is uniquely positioned and committed to accelerating the expansion of our cell and gene therapy pipelines for each target indication,” said Matthew Gantz, CEO of the 65-employee company. 

Proceeds from the stock sale are intended to go toward further development of its experimental gene therapies and future products. 

Read more about Castle Creek Biosciences in the Philadelphia Business Journal.