Last month, the American Red Cross declared an emergency blood shortage after its national supply fell by more than 25% in July. Shortages can be dire for patients since doctors have to make tough decisions about who needs blood transfusions the most. McConnell is CEO of a four-year-old startup called Safi Biotherapeutics, which is working to manufacture inexpensive red blood cells at scale. Scientists have already discovered how to grow red blood cells from stem cells, but it's a costly and complex process that typically yields small amounts at a time. Safi's goal is to build on these advancements and produce large quantities of blood that could eventually be used commercially to help care for patients and avoid blood shortages.

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Persons: Doug McConnell, McConnell, Safi Organizations: Red Cross, Cross, U.S, Safi, CNBC, U.S . Department of Defense, J2 Ventures, U.S . Food, Drug Administration, FDA Locations: U.S