SACRAMENTO, Calif., April 19, 2012 /PRNewswire/ -- SynGen Inc. ("SynGen" or the "Company"), a Regenerative Medicine device company focused on the development of next generation stem cell harvesting systems, announced today that it has completed a $5 million Series A preferred stock financing with Bay City Capital, LLC (BCC). 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 maximize 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," said 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."
Mr. Coelho continued, "We will use these proceeds to accelerate the commercialization of our SynGen-1000 platform product (http://syngeninc.com/ProductPipeLine.htm). 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 centers, hospitals practicing cell therapy in surgical suites and stem cell clinical trials."
William Gerber M.D., investment partner at Bay City Capital, noted, "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."
SynGen Inc. enables regenerative cures through innovative engineering. The company invents and commercializes products that utilize single-use sterile plastic cartridge disposables mated to dedicated, highly automated electromechanical medical devices to isolate and capture stem and progenitor cells from peripheral and umbilical cord blood, bone marrow, and adipose tissue. Our products provide an important enabling platform for use in diagnostic, research, and clinical processes. Our inventions are based upon interdisciplinary fields that apply principles of engineering and life sciences to develop solutions required for regenerative medicine. For more information browse http://syngeninc.com/
About Bay City Capital
Bay City Capital is a life sciences venture capital firm investing 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 90 companies to date and is actively seeking new investment opportunities. Additional information about Bay City Capital can be found at www.baycitycapital.com.
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SOURCE SynGen Inc.