Who says incubators are dead? Long-time surviving incubator Safeguard Scientifics Inc., technically a holding company that builds technology and life sciences startups, said Tuesday that one of its companies, Pittsburgh-based Cellumen Inc., has raised $8.7 million in Series B funding, American Venture Magazine and the Pittsburgh Business Times reported. Safeguard provided $6 million of the financing for Cellumen, a cellular systems biology company. The other investor included PA Early Stage Partners, which contributed $2 million. PA Early Stage Partners had also invested in the company's Series A round. Cellumen plans to use the funds to build out its management team and to develop and commercialize its cellular models of disease and cytotoxicity profiling services and products. —Stacey Higginbotham

See July 10 story from AmericanVentureMagazine.com
See July 10 story from the Pittsburgh Business Times
See June 21, 2005, brief from TheDeal.com