SynGen Inc. receives $5M Equity Investment
SynGen focused on the development of next generation stem cell harvesting systems has completed a $5M Series A preferred stock financing with Bay City Capital, LLC (BCC). SynGen will use these proceeds to accelerate the commercialization of its SynGen-1000 platform product to make it available to cord blood banks.
The Bottom Line: 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. SynGen expect to file for 510(k) clearance with the FDA and to achieve CE marking for the SynGen-1000 in the near future.
SynGen Inc 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. Their products provide an important enabling platform for use in diagnostic, research, and clinical processes. (http://syngeninc.com )