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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 M
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SOURCE ProGenTech, Ltd.
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