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Print Edition StoriesWednesday, November 25, 2009
Stemgent issues notes to raise $2.7M
By Rodney Brown
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Stem cell research and technology firm Stemgent Inc. has raised $2.7 million of a planned $3 million debt financing through the placement of notes with investors, according to a filing with the U.S. Securities and Exchange Commission.
Stemgent has issued 10 percent convertible promissory notes, which are convertible into either Series A-1 convertible preferred stock or the next financing round of preferred stock that Stemgent issues. The filing did not list the investors by name, but did say there were only two, and the company has been backed by Morganthaler Partners of Ohio and HealthCare Ventures LLC of Cambridge.
Stemgent officials did not immediately return calls for further information. The company raised $14 million in March in a Series A-1 round from Morganthaler and HealthCare Ventures. And in April, Stemgent and Fate Therapeutics Inc. of California announced they had jointly developed Catalyst, an induced pluripotent stem (iPS) cell technology platform for use by biotechnology and pharmaceutical firms.
Stemgent also operates an office in San Diego. It has obtained licenses related to stem cell reagents from top research institutions such as MIT, Harvard University and The Scripps Research Institute in La Jolla, Calif., according to Ian Ratcliffe, CEO of Stemgent, who spoke with Mass High Tech last June.
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