GE Capital, Healthcare Financial Services, announced today that it has recently provided a $2.5 million senior secured credit facility to SynGen, Inc., a medical device company with a 510(k) approved bench-top system for isolating stem cells from umbilical cord blood, peripheral blood and bone marrow. GE Capital, Healthcare Financial Services is acting as administrative agent for the credit facility. The financing will be used to support the company’s commercialization efforts.
“GE Capital provided a credit facility tailored to accommodate the growth phase we are about to enter,” said Phil Coelho, CEO for SynGen. “They were flexible in meeting our needs and we look forward to a long-term relationship.”
“We’re pleased to be able to provide financing to SynGen who is beginning to commercialize a device that harvests adult stem cells from blood or bone marrow for clinical use in regenerative medicine,” said Anthony Storino, senior managing director, GE Capital, Healthcare Financial Services, Life Sciences. “We are pleased to support their commercialization plans.”
About GE Capital, Healthcare Financial ServicesWith in-depth industry knowledge and expertise, GE Capital, Healthcare Financial Services has provided more than $65 billion in financing over ten years to companies in 45 healthcare sectors including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices. Our team of professionals creates business and financial solutions tailored to meet the individual needs of our customers. For more information, visit gecapital.com/healthcare. GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE:GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. For more information, visit the company's website at www.ge.com. About SynGen SynGen Inc. enables regenerative cures through innovative engineering. The company invents and commercializes products that utilize single-use sterile plastic cartridge disposables mated to dedicated, highly automated electromechanical medical devices to isolate and capture stem and progenitor cells from peripheral and umbilical cord blood, bone marrow, and adipose tissue. Our products provide an important enabling platform for use in diagnostic, research, and clinical processes. Our inventions are based upon interdisciplinary fields that apply principles of engineering and life sciences to develop solutions required for regenerative medicine.