NEW YORK (GenomeWeb) – StemCells today said that it intends to place common stock and warrants with two institutional investors with the aim of raising $20 million in gross proceeds.
Greg Schiffman will join StemCells as chief financial officer and executive vice president of finance in January.
The firm is placing 7 million shares with a private investment partnership. It has not stated its intended use for the proceeds.
StemCells said the restructuring will support the growth of the stem cell culture and cell-based assay platforms it inherited as part of its estimated $4.8 million acquisition of SCS in April.
StemCells plans to invest in Stem Cell Sciences' operational facilities in Cambridge, UK, in order to provide cell-based assay services to the drug discovery industry there, according to SCS' CEO.
StemCells, which is focused on developing tissue-derived cellular products for therapeutic uses, gains cell-based drug discovery technologies through the $4.8 million deal.
The former commissioner of the FDA has returned to the venture capital firm New Enterprise Associates as a special partner on the healthcare investment team.
Astronauts have edited yeast genes on the International Space Station in an experiment designed to show how cells repair themselves in space.
Emory University has found that two of its researchers failed to divulge they had received funds from China, according to the Atlanta Journal-Constitution.
In Science this week: influence of the nuclear genome on human mitochondrial DNA, and more.