Stemgent, Series B Financing of $14.13M
- The Cambridge-based stem cell research company raised $5.63M from a $10.13M offering last May.
Based in both Cambridge and San Diego, Stemgent initially filed for the Series B round with the Securities and Exchange Commission a little more than a year ago in May 2010.
The filing did not disclose the backers in the round, but did list as related persons board members Harold Werner and Augustine Lawlor of HealthCare Ventures LLC of Cambridge and Ralph Christofferson of Morganthaler Partners of Ohio. Also listed as a related person, as he was in the initial Series B filing, was Stefan Miltenyi, CEO of Miltenyi Biotec, a German cellular therapeutics firm that entered into a co-development and commercialization agreement with Stemgent also in May of 2010.
- In April, Stemgent took in $750K in a debt round.
The company has obtained licenses related to stem cell reagents from research institutions such as MIT, Harvard University and The Scripps Research Institute in La Jolla, Calif. In 3/10, Stemgent teamed with University of Dundee professor Philip Cohen to form Ubiquigent, a company based in Dundee, Scotland.
The Bottom Line: Results. hot markets and previous raise success focuses fulfillment. There is always capital for good technology and leadership! For historical perspective and information, review blogs 5/18/10 and 5/19/10 : http://www.scimitarequity.com/blog/2010/05/18/stemgent-raises-5-6-m-and-partnership-with-miltenyi-biotec and http://www.scimitarequity.com/blog/2010/04/19/stem-cell-research-tools-services-and-reagents