Tuesday, October 10, 2006
TORONTO, CANADA – Insception Biosciences Inc., Canada’s leading cord blood bank, is pleased to announce the closing of a US$2.75MM venture financing from MMV Financial Inc.
Insception’s Cord Blood Program provides families with the ability to collect and store their child's valuable cord blood which, if needed, can subsequently be used to treat a variety of 's biosciences division develops new applications for cord blood stem cells to broaden and enhance the medical use of cord blood derived stem cells.
“Cord blood banking is increasingly being recognized as a way to ensure viable and effective medical treatment in the event of over 70 medical diseases or conditions affecting a child or member of that child’s family,” said Nathan Gibb, Vice President of MMV Financial. “Insception is Canada’s oldest and largest cord blood bank that offers both state of the art, AABB accredited facilities, and an ongoing commitment to medical research through its biosciences division that is focused on new treatment applications utilizing umbilical cord blood.”
“We are delighted to have MMV on board as an additional institutional investor,” said Joan Yates, Senior Vice President, Cord Blood Program. "This financing provides us with increased financial strength to further invest in our research initiatives, while continuing to provide a technologically advanced cord blood banking service available to families across Canada.”
About Insception Biosciences Inc.:
The Insception Cord Blood Program is able to provide every family with the ability to collect and store their baby's valuable cord blood; while the company's biosciences division focuses on developing new and improved applications for stem cells.
For more information, visit www.insception.com or contact:
Joan Yates, Senior Vice President, Cord Blood Program
Insception Biosciences Inc.:
905-206-2794
jyates@insception.com
or
Laura Grey, Vice President Research Strategy and Business Development
Insception Biosciences Inc
905-206-2793
lgrey@insception.com
About MMV Financial Inc.:
MMV Financial is a Canadian specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, NewStar Financial, Inc., and Wells Fargo Company. For more information visit www.mmvf.com or contact:
Nathan Gibb, Vice President
MMV Financial Inc.
416-977-9718
ngibb@mmvf.com