BioE Recieves $8.3 Million in Funding from Private Investors
Company’s pioneering stem cell separation technology continues to fuel interest among investment communityFebruary 7, 2005
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