Morphocell Technologies has completed a US$50m Series A, after a US$10m add-on, to advance its liver cell therapy towards clinical proof-of-concept.
The Montreal firm’s lead programme, ReLiver, aims to provide tissue-engineered replacements for failing livers. It uses induced pluripotent stem cells (iPSCs), adult cells reprogrammed to act like embryonic stem cells, then matured into liver tissue.
The company says the funds will expand manufacturing capacity, grow the team and support clinical proof-of-concept plans. Preclinical studies are lab and animal tests carried out before trials in people.
Morphocell reports a workforce of 44 across Greater Montréal, Cambridge, Massachusetts and Toronto, and plans to open its first European subsidiary in Italy as a base for partnerships and recruitment.
The raise completes a financing sequence that began with a US$40m Series A close in February 2024. The latest US$10m add-on, announced on 1 December 2025, takes the total to US$50m and extends operating runway to more than three years, according to the company.
Investors were named in the extension round, led by Investissement Québec and CDP Venture Capital. February 2024’s US$40m closing was led by Genson Capital.
“Our government is proud to support Morphocell Technologies in its growth. We want to help stimulate innovation in Quebec, which will play a decisive role in the evolution of modern medicine, particularly in regenerative medicine. This commitment is part of our desire to build a solid, dynamic, and forward-looking ecosystem where our companies can develop promising solutions for the health of tomorrow,” said Christine Fréchette, minister of economy, innovation and energy.
“Building on the first support from Impulsion PME in 2024, we are proud to continue our business relationship with Morphocell by reinvesting in its development through the new Fonds Impulsion and our own funds,” said Bicha Ngo, president and CEO of Investissement Québec. “The growing life-sciences industry is providing a global showcase for Québec talent and expertise and paving the way for the emergence of innovative solutions to multiple health challenges. Investissement Québec is delighted to help Morphocell achieve its ambitions.”
“We are particularly proud to be part of Morphocell’s journey, as it is a great example of how Italian world-class talent can innovate and drive impact on a global level,” said Alessandro Scortecci, chief direct investments of CDP Venture Capital. “This marks our first investment in a Canadian biotech, a decision driven by our commitment to connect Italy with global innovation ecosystems. Our investment enables the establishment of Morphocell’s first European subsidiary, in Italy, which will build on the Country’s great talent, research capabilities, and industrial excellence, to strengthen the company’s global role in regenerative medicine.”
“Morphocell’s goal has always been clear, to create revolutionary cell-based organ replacement therapies that cure patients,” said Dr Massimiliano Paganelli, CEO and co-founder of Morphocell Technologies. “This additional funding reinforces our shared conviction, with our investors, our partners, and our team, that we are building the future of regenerative medicine right here in Québec.”
