Melville-based BioRestorative Therapies said Wednesday it has raised $5.4 million in financing with an institutional investor.
BioRestorative, a life sciences company focused on stem-cell-based therapies, said Arena Investors' purchase of preferred and common shares in the company is subject to approval by stockholders.
“We are committed to improving the lives of patients suffering from chronic lower back pain and metabolic diseases," said Mark Weinreb, BioRestorative's CEO. "This funding will enable us to increase our investment in clinical evidence development and ultimately bring our unique technologies through the FDA pathway and to patients and clinicians."
BioRestorative develops therapeutic products using cell and tissue protocols, primarily involving adult stem cells.
In 2014, BioRestorative Therapies announced it was moving its headquarters from Jupiter, Florida, to Melville, and New York State agreed to grant the company $500,000 in state tax credits over 10 years. The Suffolk County Industrial Development Agency also agreed to grant it tax breaks worth $146,000 over five years.