SynGen, Inc., a Sacramento, CA-based developer of instrument systems that harvest stem and progenitor cells from umbilical cord blood, bone marrow, peripheral blood, and cell culture, secured additional financing from Bay City Capital.
The amount of the funding was not disclosed. Bay City Capital, a San Francisco-based life sciences venture capital firm, had invested $5M in a Series A financing of SynGen in April, 2012, and has continued to provide financing in the form of convertible notes. The latest notes brought total investment in the company to $10M, and additional funds may be made available subject to the company achieving specified milestones.
The company will use the funds to make first sales of the SynGenX™-1000 System to cord blood banks, and to continue to commercialize the SynGenX™-Lab and CellWashPRO devices for stem cell processing customers.
Led by William Gerber, President and Chief Executive Officer, SynGen provides researchers, clinicians, and manufacturers with systems that improve the recovery, purity, and viability of stem and other clinically-significant cells from umbilical cord blood, peripheral blood, bone marrow, and cell culture.