LOS ANGELES and ROCKVILLE, Md., Dec. 13, 2016 /PRNewswire/ -- California Cryobank (CCB), a global leader in reproductive tissue donor services and stem cell banking, today announced the acquisition of Donor Egg Bank USA (DEB), the North American leader in frozen donor egg banking. The transaction is being primarily financed through CCB investors Longitude Venture Partners II, L.P. ("Longitude"), NovaQuest Pharma Opportunities Fund III, L.P. ("NovaQuest"), and bank funding. The merger brings together two of the reproductive tissue industry's leading organizations and establishes the world's largest frozen donor gamete bank.
Founded in 2011, Donor Egg Bank USA is a network of the premier fertility practices in the United States and Canada. DEB offers immediate access to a broad donor pool and uses advanced egg freezing technology to produce success rates similar to traditional fresh donor egg programs. Using frozen eggs from DEB versus a traditional cycle is a more efficient and cost-effective treatment process. To date, the DEB network has completed approximately 3,200 egg thaws, resulting in about 1,400 on-going pregnancies and births.
As part of the acquisition, Heidi Hayes, DEB Co-Founder and Chief Executive Officer, will join CCB as Executive Vice President and will be responsible for the egg bank business. Ms. Hayes has more than 25 years of healthcare experience, the majority of which is in the field of reproductive medicine. Additionally, Michael J. Levy, M.D., Co-Founder and President, will join the CCB Board of Directors. Dr. Levy is a founding partner of Shady Grove Fertility Reproductive Science Center, and a board certified obstetrician, gynecologist, and reproductive endocrinologist.
"California Cryobank's decades of experience and strong reputation will provide an incredible opportunity for DEB to expand into new markets," said Ms. Hayes. "I look forward to joining CCB and to continuing to help our clients achieve their dream of having a baby."
"Our network of highly-respected fertility practices has always endeavored to lead technological innovation in our industry," said Dr. Levy. "California Cryobank's dedication to quality and scientific advancement make us highly compatible partners."
Founded in 1977, California Cryobank has built a strong, global presence in both fertility and cellular therapy, two of the fastest-growing areas in healthcare. CCB's Reproductive Division has helped thousands of parents grow their families as the industry's largest provider of donor sperm services and private reproductive tissue storage, while its Stem Cell Division is one of most active stem cell banking businesses in the world.
"We are thrilled to welcome Donor Egg Bank USA to our family," said CCB Co-President Pamela Richardson. "DEB has established an unmatched commitment to quality through its extensive donor catalog, premium client service, outstanding physician network, and methodical outcome tracking. We couldn't have hoped for a better partner."
"Combining the leading donor sperm and donor egg banks adds significant value and growth potential to both organizations," said CCB Co-President Richard Jennings. "Add to that the leadership and resources available thanks to Longitude and NovaQuest, and we are all very excited about the future."
About Longitude Capital / NovaQuest Capital Management
Longitude Capital is a private investment firm that makes venture growth investments in biotechnology and medical technology companies that seek to improve clinical outcomes, enhance quality of life and/or reduce system costs. Longitude invests in both privately held and publicly traded life science companies through a variety of investment approaches. Since 2006, Longitude Capital has raised over $1.2 billion across three funds and has offices in Menlo Park, CA and Greenwich, CT. For more information, please visit www.longitudecapital.com.
NovaQuest Capital Management is an independent investment firm which manages product and company investments in the global healthcare industry. The NovaQuest team has worked together for over 15 years, investing over $1 billion into the global healthcare industry. NovaQuest focuses on product finance investments with global biopharmaceutical companies in strategic, late-stage clinical and commercialized assets. In addition, NovaQuest invests in select private equity and other company securities, with a consistent focus on late-stage clinical and commercialized products. For more information, visit www.novaquest.com
About Donor Egg Bank USA / California Cryobank
Donor Egg Bank USA works with the nation's leading fertility clinics and offers the world's largest selection of frozen donor eggs with more than 250 immediately available donors. Launched in 2011, DEB has shipped more than 3,500 egg lots on behalf of their partner fertility programs in the US and Canada which offer industry leading success rates.
California Cryobank provides frozen donor sperm and egg services, as well as reproductive tissue storage. CCB subsidiary, FamilyCord, offers stem cell services, including both cord blood and cord tissue banking. California Cryobank operates throughout the United States, as well as Europe, South America and Asia. CCB is registered with the FDA, accredited by the AATB and AABB, and licensed by the states of California and New York.
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SOURCE California Cryobank