Northfield Laboratories has raised $15.1 million in an initial public offering of 2.5 million shares. The Evanston, Ill.-based company is one competitor in the race to develop an oxygen-carrying blood substitute.
In March, Northfield received Food and Drug Administration authorization to test its blood substitute, chemically modified human hemoglobin, in trauma patients.
Analysts say blood substitutes could garner $2 billion to $10 billion in worldwide sales each year. Substitutes could end the risk of transmitting blood-borne diseases such as AIDS and eliminate the need to test patients for blood type before infusion.