SACRAMENTO, CA, SynGen has secured additional financing from Bay City Capital.
SynGen, Inc., a company that focuses on the development and commercialization of instrument systems that harvest stem and progenitor cells from umbilical cord blood, bone marrow, peripheral blood, and cell culture, announced today that it has secured additional financing from Bay City Capital, LLC, a San Francisco-based life sciences venture capital firm.
Bay City Capital invested $5M in a Series A preferred stock financing of SynGen in April, 2012, and has continued to provide the company with financing in the form of convertible notes. The latest notes bring Bay City's total investment in the company to $10M, and additional funds may be made available subject to the company achieving specified milestones.
'We appreciate the ongoing support and advice of Bay City Capital, a premier life science venture capital firm,' said William Gerber, SynGen's President and Chief Executive Officer. 'The latest financing will allow us to make our first sales of the SynGenX-1000 System to cord blood banks, and to continue to commercialize the SynGenX-Lab and CellWashPRO devices for stem cell processing customers. We are committed to offering our cord blood bank customers superior performance in recovering stem cells from umbilical cord blood, and we are excited about working with scientists and technicians who are expanding stem cells for use in a wide variety of indications in clinical trials.'
'We are pleased to continue to help SynGen commercialize its product line,' said Carl Goldfischer, Managing Director of Bay City Capital. 'Regenerative medicine is a rapidly-expanding field, and it offers great promise in addressing serious conditions such as heart disease, diabetes, and cancer. SynGen's precision instruments capture and process the stem cells that make these advances possible for scientists at the forefront of this revolution.'
About SynGen, Inc.
SynGen advances regenerative medicine and other emerging applications for high-value cells by providing researchers, clinicians, and manufacturers with innovative, robust systems that improve the recovery, purity, and viability of stem and other clinically-significant cells from umbilical cord blood, peripheral blood, bone marrow, and cell culture. For more information about SynGen, visit the company's website at www.syngeninc.com
About Bay City Capital, LLC
Bay City Capital is a life sciences venture capital firm that invests in opportunities across the various life sciences sectors in companies at all stages of development. Established in 1997, the firm has managed eight venture capital funds representing over $1.6 billion in capital commitments.
Bay City Capital has invested in over 100 life sciences companies globally, including Civitas, Dermira, Epizyme, Epocrates, Hyperion Therapeutics, Idev Technologies, Ion Torrent Systems, MAP Pharmaceuticals, Medarex, Nabsys, NextWave Pharmaceuticals, Oculex Pharmaceuticals, Pharmion, Reliant Pharmaceuticals, and Sunesis Pharmaceuticals.
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