Neil Duffy
Brighton, MA (USA)
Role(s):
Founder/Owner/Principal
Progenestem
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Startup
Location:
Brighton
Industry:
Bio-Technology
Year Founded:
2008
Number Employees:
1-10 people
Description:
Progenestem has developed and validated a fully automated system (consisting of a workstation and a kit with disposable components) to concentrate 95% or more of the nucleated cells in a bone marrow aspirate (includes all stem cells and accessory support cells), in 10% of the original volume, for delivery at the point of care, within 20 minutes. Our aspiration technology will increase cell counts and make the aspirate procedure easier and safer.
Progenestem is seeking to raise $3 million in financing. The capital will be deployed to develop the validated prototype into a commercial product for the bone grafting market. We forecast rapid growth in both revenue and profitability, reflecting the expansion of regenerative medicine and the highly leveraged nature of the firm’s business model. This financial strength will give us the flexibility to invest in the business as well as pay royalties / dividends to our founders and Series A investors. We expect that our series A investors will earn in excess of 20X their original investment.