StemCyte, Inc., a Covina, CA- and Ewing, NJ-based operator of a cord blood stem cell bank, has closed an up to $2.5m working capital line of credit with Peninsula Bank Business Funding (PBBF).
The company, a client of PBBF since July of 2009, intends to use the new credit facility for its capital obligations and general working capital purposes. As stated by Tom Flaherty, Vice President – Finance of StemCyte, this line of credit will allow them to continue to expand their operation.
The company has been contracted by the U.S. Department of HHS to establish a public National Cord Blood Inventory for unrelated transplant units.
StemCyte has offices in the U.S., India and Taiwan.
A division of The Private Bank of the Peninsula, Peninsula Bank Business Funding provides asset-based lending products to emerging growth and venture-backed companies throughout the United States.