STEMCELL Technologies Canada Inc. has raised $15 million in funding from Business Development Bank of Canada’s investment arm BDC Capital’s Growth and Transition Capital division.
STEMCELL Technologies president and CEO Allen Eaves said this investment will boost the firms' already rapid growth by supporting the expansion of its research and manufacturing facilities.
Eaves said: "The financing will also enable us to develop new technologies and infrastructure to support our growing customer base of biomedical scientists performing cutting-edge research around the world, and will ultimately accelerate the transition of therapies from bench to bedside.”
Founded in 1992, STEMCELL Technologies has been a global leader in developing specialized reagents, tools and services supporting global research in cell biology and regenerative medicine.
Rob Dennison, BDC Capital director for Growth & Transition Capital in Vancouver, said STEMCELL has already made its mark in the field of biomedical research with its facilities in 11 countries outside Canada and sales in more than 70.
“This financing will help STEMCELL further develop its already successful product portfolio, and expand its manufacturing capabilities to move into new markets within the biomedical research space," Dennison said.
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