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 New York City medical examiner is overseeing an effort to identify missing persons using DNA, according to the Associated Press.
Nobel laureate Günter Blobel has died at 81, the New York Times reports.
In PNAS this week: mouse model of genetically induced emphysema, gene expression signatures of circulating melanoma cells, and more.
Technology Review reports that 2017 was the year of consumer genetic testing and that it could spur new analysis companies.