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Stemgent Inc.’s last funding round brought in just under $600,000, but its newest round increases that by an order of magnitude, raising $6.3 million, federal documents show.
A filing with the U.S. Securities and Exchange Commission Tuesday showed that Cambridge-based stem cell research company Stemgent plans for an $8.8 million top end for the round. The new equity round saw participation from eight backers, although they were not named in the filing. Listed as related persons in the filing are board members Harold Werner and Augustine Lawlor of HealthCare Ventures LLC of Cambridge and Ralph Christofferson of Morganthaler Partners of Ohio. They were also listed in the filing with the $584,000 debt financing in October 2011.
Ian Ratcliffe, CEO of Stemgent, said in a phone interview that the company would use the new funding to expand its licensed intellectual property around stem cell reagents, to move forward “our existing operations and continuing to expand our product portfolio.”
“The secret to the reagent space is to really turn over your product offerings about a third of your product every three years at most,” Ratcliffe said. “At least a third of your revenue should be coming from products you have released in the last three years.”
In June 2011, Stemgent bumped up a previous tranche of the Series B financing to $10.6 million with a planned top end of $14 million, from an initial $5.6 million chunk of the round.
Stemgent has obtained licenses related to stem cell reagents from research institutions such as MIT, Harvard University and The Scripps Research Institute in La Jolla, Calif. Ratcliffe said the company has added a few employees since October, and now stands at about 32 people between its Cambridge headquarters and a facility in San Diego. The company makes reagent products for stem cell research, and has had them on the market since about June 2008, with a customer base primarily in academia, Ratcliffe has said.
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