SACRAMENTO, Calif., April 18, 2012 /PRNewswire/ -- SynGen Inc. ("SynGen" or the "Company"), a Regenerative Medicine device company focused on the development of next generation stem cell harvesting systems, announced today that it has completed a $5 million Series A preferred stock financing with Bay City Capital, LLC (BCC). Under the terms of the transaction, BCC will appoint two representatives to SynGen's board of directors. "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." Mr. Coelho continued, "We will use these proceeds to accelerate the commercialization of our SynGen-1000 platform product (http://syngeninc.com/ProductPipeLine.htm). Initially, we intend to make the SynGen-1000 available to cord blood banks. 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 … Continue reading
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