SynGen Inc, a Regenerative Medicine device company focused on the development of next generation stem cell harvesting systems, has completed a USD5 million Series A preferred stock financing with Bay City Capital.
Under the terms of the transaction, BCC will appoint two representatives to SynGen’s board of directors.
"We are delighted to have the opportunity to work with Bay City Capital to maximise SynGen’s potential. Their expansive knowledge of the global life science field and vast networking capability combined with a strong reputation as a top tier venture capital firm made our decision easy," says Phil Coelho, SynGen’s president and CEO. "During the due diligence process, BCC had already begun facilitating business relationships important for our accelerated growth and market expansion.
"We will use these proceeds to accelerate the commercialisation of our SynGen-1000 platform product. Initially, we intend to make the SynGen-1000 available to cord blood banks. These banks value the substantially improved cell recovery and high purity of stem and progenitor cells that the product provides, in addition to its ease-of-use, reduced costs and improved data recording standards for automated cGMP cell processing. We expect to file for 510(k) clearance with the FDA and to achieve CE marking for the SynGen-1000 in the near future. Subsequently, our advanced designs target emerging markets including stem cell research centres, hospitals practicing cell therapy in surgical suites and stem cell clinical trials."
William Gerber MD, investment partner at Bay City Capital, says: "We expect SynGen’s products will play a significant role in enabling clinical research and expanding the medical applications of regenerative medicine. Phil Coelho is an established innovator in the field of cord blood stem cell isolation and purification, and we are excited about expanding SynGen’s product line to address novel applications for adult stem cell therapies."
