Navigation Links
ProGenTech Completes $21 Million Series C Financing
Date:4/2/2008

EMERYVILLE, Calif., April 2, 2008 /PRNewswire/ -- ProGenTech, a life sciences company based in Shanghai, China and Emeryville, CA developing a contamination free, cassette based automated nucleic acid purification system, announced today that it has closed a $21 million Series C financing led by Bay City Capital (San Francisco) and DT Capital (Shanghai).

"We are very impressed by the technical achievements the ProGenTech team has accomplished to date. This round of financing gives us a unique opportunity to integrate the value of the enhanced ProGenTech management team, Bay City Capital's life sciences expertise and DT Capital's local know-how. We are excited to work with ProGenTech in establishing itself as a key player in its field," said Joe Tian, Founding Managing Partner at DT Capital.

The key advantage of ProGenTech's automated system is that it eliminates the possibilities of user exposure and cross-contamination by virtue of its unique cassette-based approach. The company's initial products have applications in both research and medical diagnostics.

ProGenTech was founded by Steve Yu and Jesus Ching, engineers with extensive experience in biotechnology instrumentation companies. Steve Yu will remain a director of the company and become its President and COO. Jesus Ching will become the Chief Scientific Officer of ProGenTech. Previous funding was obtained from angel investors, led by David Hu, who remains a director of the company. The investment by Bay City Capital and DT Capital is the company's first round of institutional venture capital.

In connection with this financing, ProGenTech also announced that Trevor Hawkins, PhD has joined the company as Chairman and Chief Executive Officer. Dr. Hawkins is the primary inventor of the magnetic bead technology used by several commercial biotechnology companies. Dr. Hawkins was previously the CEO of Philips Molecular Healthcare business and held senior executive roles at GE and MDS. He was also the Director of the US DOE Joint Genome Institute, and led the DOE's efforts to sequence the Human genome. Dr. Hawkins said, "This is a once in a lifetime opportunity to truly change the life science and medical diagnostics markets. The combination of the ProGenTech technology, our China manufacturing and innovation, and our growing customer base is a great starting point to shift the global healthcare dynamic. Our two new institutional investors have been great to work with, and we look forward to taking this company forward together."

Fred Craves, Managing Director of Bay City Capital, said, "Bay City Capital is pleased to announce our first investment in China, ProGenTech, in partnership with DT Capital of Shanghai. ProGenTech has an experienced market-savvy founders group. They identified a valuable market need and have delivered the technology to provide a solution. The addition of an industry- recognized CEO to provide global commercial strategy and leadership positions ProGenTech for rapid market penetration and success."

About ProGenTech

ProGenTech is a life science company based in Shanghai, Suzhou and Emeryville California. Established in 2005, the company has 40 employees today. Their first product, the Entura, was launched in Asia in November 2007. Additional information about ProGenTech can be found at http://www.progentech.com.

About Bay City Capital

Bay City Capital is a life sciences venture capital firm investing in opportunities across the various life sciences sectors in companies at all stages of development. Established in 1997, the firm has managed six venture capital funds representing $1.5 billion in capital commitments. Bay City Capital has invested in over 70 companies to date and is actively seeking new investment opportunities. Additional information about Bay City Capital can be found at http://www.baycitycapital.com.

About DT Capital

DT Capital Partners is a China-based venture capital firm focused on early to expansion stage investments in the consumer, media, energy, and technology sectors. DT Capital invests in companies that have large market opportunities, strong management teams, and demonstrated models in both technology based and traditional businesses. DT Capital currently manages over $500 million in capital, and is affiliated with Madrone Capital in the US, which is the investment entity for the Walton family. Additional information about DT Capital can be found at http://www.dtcap.com.


'/>"/>
SOURCE ProGenTech, Ltd.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Eligard(R) six-month formulation successfully completes European approval procedure
2. The ScottCare Corporation Completes Acquisition of Rozinn Electronics, a Leading Manufacturer of Cardiac Diagnostic Products
3. EaglePicher Corporation Completes Transaction to Sell EaglePicher Boron, LLC to Ceradyne, Inc. for $69 Million
4. Symmetry Medical Completes Acquisition Of Specialty Surgical Instruments
5. GSI Securitization Completes Merger and Domicile Transfer
6. Medical Services International Inc. Completes Testing for European Union (EU) Application
7. Inverness Completes Acquisition of Cholestech
8. Billians HealthDATA Completes Comprehensive Long Term Care Database Update
9. Synova Completes Sale of $3.3 Million in Senior Convertible Notes and Warrants
10. Explorer completes the map ... for the bodys blueprint
11. Labopharm completes enrolment for Phase III clinical study for its once-daily trazodone antidepressant drug
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/5/2016)... ... ... US Sports Camps , official operators of Nike Yoga Camps, announces ... training. ChildLight Yoga Studio is centrally situated in the picturesque New England city of ... founder Lisa Flynn expresses her excitement, “We are thrilled to be partnering with US ...
(Date:2/5/2016)... Texas (PRWEB) , ... February 05, 2016 , ... ... to allow users to search for and donate to Give To Cure’s campaign that ... an app that lets users make and share payments through a smart device. In ...
(Date:2/5/2016)... ... February 05, 2016 , ... Dr. Justin Scott and Dr. ... Annual No Cost Dental Day to individuals in need. The event is scheduled to ... No Cost Dental Day is to provide dental care to community members in need. ...
(Date:2/5/2016)... (PRWEB) , ... February 05, 2016 , ... In sleep, ... form as a dream. A hallmark feature of patients with eating disorders is significant ... The eating disorder behaviors and obsessions are regarded as maladaptive means for coping with ...
(Date:2/5/2016)... ... ... Calls Blacklist has just been updated by mobile app developer Vlad Lee. The ... known bugs within the app. Calls Blacklist allows its users to only have to ... their device’s battery power or memory. It provides a powerful call blocker that is ...
Breaking Medicine News(10 mins):
(Date:2/4/2016)... LONDON , Feb. 4, 2016 ... and competitive market to drive long-term market growth ... very common set of chronic disorders that affect ... disparate in terms of their symptoms and key ... by dysregulation of immune pathways and an inappropriate ...
(Date:2/4/2016)... -- Omnicell, Inc. (NASDAQ: OMCL ), a leading provider of ... announced results for its fiscal year and fourth quarter ... --> GAAP results: Revenue for the fourth quarter ... 4.1% from the third quarter of 2015, and up ... 2014. Revenue for the year ended December 31, 2015 was ...
(Date:2/4/2016)... Feb. 4, 2016  Aethlon Medical, Inc. (Nasdaq: ... biofiltration devices to treat life-threatening diseases, today announced ... ended December 31, 2015. --> ... set forth in our last quarterly call, we ... our long-term objective to establish the Aethlon Hemopurifier® ...
Breaking Medicine Technology: