StemCyte obtains $13.7 million in financing

By Jennifer Chiou

New York, July 19 - StemCyte, Inc. said it completed a $13.7 million round of financing.

Based in Arcadia, Calif., StemCyte aims to create the largest donor umbilical cord blood stem cell bank in the world through its blood bank, Cord Blood FamilyTrust, where parents can store their baby's cord blood for future use.

StemCyte and its Taiwan subsidiary provide transplant and cancer centers with umbilical cord blood units for over 200 stem cell transplantation procedures.

"This latest series of financings allows both StemCyte and Cord Blood FamilyTrust to offer an even higher level of service for all of our current and future customers," chief executive officer Ken Giacin said in a news release.

"We are very pleased that the global investment community is recognizing the value of our mission to provide the highest quality umbilical cord blood stem cell transplantation and therapeutic products to patients in need."

Like bone marrow, cord blood stem cells can be transplanted as treatments for up to 70 different diseases, including leukemia, and various blood and genetic disorders.

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