BioE Recieves $8.3 Million in Funding from Private Investors

Company’s pioneering stem cell separation technology continues to fuel interest among investment community

ST. PAUL, Minn.  BioE®, Inc., a biotechnology company developing antibody-based technology platforms for therapeutic and diagnostic applications, announced today it has received $8.3 million in its latest round of private financing. Since 1998, BioE has raised more than $22 million, solely from angel investors.

The new and oversubscribed investment was driven by continued interest and excitement for BioE’s pioneering cell separation technology platform, PrepaCyte®. PrepaCyte-CB, the most advanced product derived from this platform, currently is on track to become the first U.S. Food and Drug Administration (FDA)-compliant reagent-based system for separating adult stem cells specifically from umbilical cord blood. BioE expects to achieve FDA compliance later this year.

“We are very pleased with our success in raising capital during this difficult investing climate,” said Michael Haider, president and chief executive officer (CEO) for BioE. “This financing will enable us to take full advantage of the emerging adult stem cell industry and provide clinicians and researchers with the tools and stem cells they need to make new breakthroughs in medical care and disease treatment.”

“BioE’s progress over the past three years and the level of activity and interest in the company and its products is accelerating,” said Douglas Eayrs, MedVest Capital president and certified financial analyst (CFA). “PrepaCyte-CB targets the emerging market for processing adult stem cells from umbilical cord blood and has the potential to become the standard-of-care processing system for this exciting new application.”

Funds raised during this offering will be used to complete pre-market FDA requirements for PrepaCyte-CB and market the product to both public and private sectors. In addition, this capital will be used for general operating expenses and research and development costs related to commercializing BioE’s multilineage progenitor cells (MLPCs; i.e. adult-source stem cells). These unique stem cells are derived from umbilical cord blood using PrepaCyte-MLPC and differ from other types of stem cells in their ability to self-renew, expand exponentially and differentiate into a wide variety of tissue types –– including bone, nerve, liver and muscle.

About PrepaCyte-CB Stem Cell Processing System
PrepaCyte-CB for cord blood will be the first product derived from BioE’s PrepaCyte cell processing platform to be introduced to the clinical markets. This proprietary PrepaCyte technology is an antibody-based, closed, liquid reagent system that can be used to separate and collect therapeutically important cells, including hematopoietic and non-hematopoietic stem cells, from umbilical cord blood. It differs from traditional methods of separating cells from blood sources that often require either the mechanical or chemical manipulation of cells, which can result in the loss of desired cells or undesired alterations in their biological activity. Instead, when mixed with cord blood, PrepaCyte-CB causes unwanted cells to settle to the bottom of a container/bag, leaving desired cells in the upper fraction of the solution. This process allows stem cells to be easily removed for further processing prior to therapeutic use in humans, and results in increased quantities of cells that retain their innate cellular functionality. PrepaCyte-CB will consist of a four-bag, closed system for the sterile processing and storage of cord blood.

About BioE
BioE is a biotechnology company developing antibody-based diagnostic and therapeutic technologies for use across a wide variety of medical specialties to improve patient outcomes and quality of life. Its proprietary PrepaCyte-CB cell separation technology currently is on track to become the first U.S. Food and Drug Administration (FDA)-compliant reagent-based system for isolating adult stem cells from umbilical cord blood. Privately owned, the company was founded in 1993 and is headquartered in St. Paul, Minn. For more information about BioE, please visit www.bioe.com or call (800) 350-6466.

About MedVest
MedVest Capital is a NASD® member firm that assists companies with pre-IPO and early stage private financings. MedVest Capital assisted BioE with its latest round of financing.