SituGen raised $1 million from the Office of the Chief Scientist, Rad BioMed Incubator and umbilical cord blood bank BioCord.
SituGen, a medical device startup, has developed a revolutionary system for extracting blood rich with stem cells from umbilical cords.
The device is a sophisticated mechanism which enables up to twice the amount of blood to be extracted compared with the needle method now in use worldwide. SituGen is a research and development company – a sister company of BioCord, an Israeli private cord blood bank operating in Israel.
The major problem of cord blood banking by private and public banks is the limited amount of blood extracted by using the needle technique by gravitation into a standard blood collecting bag. This small amount enables transplant only to 45 kg worth of body weight and therefore not to adults, according to the company.
The patent-pending SituGen is a disposable kit for cord blood stem cell (CBSC) collection. Stem cells extraction from umbilical cords is growing at a phenomenal 45% annual rate worldwide, with the US being the leader in the practice. Awareness is growing of the benefits of banking cord blood stem cells, which can treat up to 80 diseases. The US would be the top market for the product.
Manufacturing plans have already been prepared for the SituGen and the company is seeking an investor to bring the product to market and complete the FDA and CE approval process. The development of the product was launched with the support of the Office of the Chief Scientist.
The scientific board of the company includes Prof. Joseph Itzkoviz, who was a member of the team that was the first in the world to isolate embryonic stem cells.