SynGen Inc. in midtown Sacramento announced that they have received $5 million from San Francisco venture capital firm Bay City Capital LLC, The funds will be used to further develop the next generation in stem cell harvesting systems.
Phil Coelho, president and CEO, said the funds will go toward development, marketing and regulatory approval of the company’s SynGen-1000 product. That product harvests stem and progenitor cells from bone marrow, cord blood, normal blood or fat/connective tissue. Harvested cells can be used for treatment of numerous medical conditions.
“Initially, we intend to make the SynGen-1000 available to cord blood banks,” says Mr. Coelho. “We expect to file for 510(k) clearance with the FDA and to achieve CE marking for the SynGen-1000 in the near future.”
“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.”
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.”