After selling Centocor to Johnson and Johnson in 1999, Schoemaker went on to form Neuronyx, Inc., a biotech company focused on developing cellular therapies. After Schoemaker died in 2006 the company was continued by his wife Anne Faulkner Schoemaker. Initial work focused on using stem cells taken from adult bone marrow to help regenerate heart tissue damaged during heart attacks. Later the company turned direction to looking at the development of a treatment for incision wounds in women following breast cancer reconstruction surgery. The company later changed its name to Garnet BioTherapeutics. Despite promising clinical results and raising more than $55 million in venture capital funding, the company was unable to continue.