Follow the Money: Amarantus Bioscience Holdings, Inc.


Follow the Money highlights a newly funded bio/pharmaceutical company. This includes important insights into the featured company’s product pipeline, manufacturing and business relationships, and likely sourcing opportunities.

Amarantus Bioscience Holdings, Inc. is a U.S. public biopharmaceutical company that focuses on the discovery and early development of therapeutic proteins and diagnostic tests. As reported in the PharmSource Lead Sheet, since October 1, 2015, they have raised a total of $11 million. Recent financings include:

  • February 25, 2016, $3.0 million raised in a completed venture capital investment
  • January 28, 2016, $2.5 million raised in a completed venture capital investment
  • October 01, 2015, $5.5 million raised in mixed financing, including $2.75 million in a completed venture capital investment and $2.75 million in a completed private placement.

Corporate Highlights

  • Amarantus BioScience Holdings is a California based company founded in January 2008.
  • Corporate Headquarters: San Francisco, CA – office and laboratory space.
  • The company’s subsidiary, Amarantus Diagnostics, develops medical diagnostic products for the detection of Alzheimer’s disease and Multiple Sclerosis.
    • In January 2016, a LOI was initiated to merge Amarantus Diagnostics into Avant Diagnostics. The transaction is expected to be completed in Q2 2016.
  • As of December 31, 2014, they had 10 employees with the intention of expanding both the management team and support staff to meet demands.

Sourcing Opportunities

  • Amarantus BioScience Holdings plans to use the proceeds to support the clinical trial of its Engineered Skin Substitute (ESS):
    • Engineered Skin Substitute – complete a Phase II study:
      • For the treatment of intractable severe burns
      • Dosage Form: Topical
      • Nature of API: Biologic – Protein – Enzyme
      • Therapeutic Area: Dermatology
  • The company contracts with contract research organizations (CROs) to conduct clinical trials.
  • Amarantus Bioscience Holdings does not own or operate manufacturing facilities and has no plans to develop them. The company relies on third party contract manufacturers for all required raw materials, API, and finished product for preclinical studies and clinical trials.
  • Amarantus Bioscience Holdings has no sales, marketing or distribution experience.

Business Relationships

  • On February 20, 2008, Acceleron and Celgene entered into a collaboration agreement for the development and commercialization of Sotatercept (ACE-011). Under the terms of the agreement, Acceleron received an upfront payment of $45 million and $5.0 million of equity with the eligibility of receiving up to $360 million based on future development, regulatory and sales milestones.
  • In January 2015, Amarantus entered into a planned merger agreement with DioGenix, Inc. in which Amarantus received over 99 million shares of outstanding equity. Financial terms were not disclosed.
  • In January 2015, Amarantus entered into a one-year exclusive option agreement with Georgetown University for the patent rights of certain blood based biomarkers, which included the Georgetown Assays for the detection of Alzheimer’s disease. Amarantus will be required to achieve milestones in a timely matter while providing Georgetown University with development and commercialization plans. Financial terms were not disclosed.
  • In August 2014, Amarantus entered into a research agreement with the Buck Institute for Research on Aging for the development of Mesencephalic-Astrocyte-derived Neurotrophic Factor (MANF) in certain therapeutic indications. Under the terms of the agreement, Amarantus will fund the research and receive exclusive rights for certain scientific finding for regulatory submissions or grant applications. The financial details of the agreement were not disclosed.
  • In January 2014, Amarantus entered into a license agreement with PGI Drug Discovery, LLC for the exclusive license to use certain PGI’s compounds for the clinical supply of Eltoprazine. Amarantus paid PGI an upfront payment of $100,000 and another $500,000 in July 2014.
  • In August 2011, Amarantus and Generex signed a collaboration agreement under which the companies would use Amarantus’ proprietary PhenoGuard cell immortalization process to develop beta cell replacement therapies to aid diabetes therapy. The financial details of the agreement were not disclosed.

Drug Product Pipeline

Product Candidate Indication Dosage Form Status Next Anticipated Step
MANF Retinitis Pigmentosa Parenteral Preclinical Plans to initiate Phase I trial in 2016.
MANF Parkinson’s Disease Parenteral Preclinical TBA
Eltoprazine Alzheimer’s Aggression Capsule Phase I TBA
Eltoprazine Adult ADHD Capsule Phase II TBA
Eltoprazine Parkinson’s PD-LID Capsule Phase II TBA
ESS Intractable Severe Burns Topical Phase II TBA

Medical Device & Diagnostic Product Pipeline*

Product Candidate Indication Dosage Form Status Next Anticipated Step
Georgetown Assay Alzheimer’s Disease-
Assay/Test/Kit Pre-feasibility studies TBA
Georgetown Assay Alzheimer’s Disease-
Assay/Test/Kit Pre-feasibility studies TBA
MSPrecise Multiple Sclerosis Assay/Test/Kit Pilot studies TBA
NuroPro Parkinson’s Disease Assay/Test/Kit Pilot studies Unknown
LymPro Test Alzheimer’s Disease Assay/Test/Kit Pivotal studies TBA

*Products being developed by Amarantus BioScience Holdings’ subsidiary: Amarantus Diagnostics.


(In $ thousands) 2014 2013
R&D Expenditures
General & Administrative Expenditures
Total Operating Expenses

1Amarantus BioScience Holdings, 4/6/15 10-K,

Contact Information

Amarantus Bioscience Holdings, Inc. Key Officers
655 Montgomery Street, Suite 900 Gerald E. Commissiong, President & CEO
San Francisco, CA 94111 USA John W. Commissiong, PhD, CSO
Phone: +1-415-688-4484 Elise Brownell, PhD, SVP, Operations & Project Management
Fax: +1-408-852-4427 Curtis Scribner, MD, SVP, Regulatory Affairs
Web: Mark Wakefield, Head, Clinical Development

Related posts:
Follow the Money: Acceleron Pharma, Inc.
Follow the Money: Sunesis Pharmaceuticals, Inc.
Follow the Money: Rexahn Pharmaceuticals, Inc.

Scotty is a Research Analyst at PharmSource. He holds a BS degree in Biology from George Mason University and an MPH degree from Eastern Virginia Medical School. He’s experienced in data collection, analysis and management, and has done laboratory analysis and safety program development.

More posts by Scotty Chung-Siu