Grace Century’s dental stem cell and biobanking project, Provia Laboratories, expects C-Class private placement activities to complete in the second quarter of 2014, thus insuring adequate funding for their next phase of expansion.
Grace Century has arranged a $3MM tranche with one investor within its group, which will come close to completing their C-round. Additionally, there are two institutional groups aggressively completing their due diligence which would satisfy the future capital needs for Provia for 2015 and beyond.
According to Scott Wolf, CEO of Grace Century, “We are thrilled that we were able to bring this to fruition for Provia and their branded Store-A-Tooth service. This will allow Provia to expand the number of U.S. territories beyond the East Coast, into the Midwest and then the West Coast.”
Scott Wolf believes that Provia has the perfect mix of products including their patent-pending Proviasette, a state of the art tissue storage device.
“With four revenue streams including biobanking consulting (specifically government contracts), Proviasette, Store-A-Tooth, and soon-to-be-launched additional bio banking processing and storage services, we are confident that Provia will position itself as the premier private bio bank in the world.”
“Provia is ready to expand into Europe, as their Provia laboratories Europe, LTD. was recently formed in the UK in January, and marketing alliances abroad are being formed. Together, with its partnerships in Singapore and Latin America, as well as its plans to build a new cell manufacturing and storage facility in the Caribbean in early 2015; you have a true global player,” Wolf concluded.
Howard Greenman, CEO of Provia Laboratories commented, “Capitalization is always the key to any new venture. With the capital raised thus far, we have proven our business model, assembled a world-class team, made some important strategic partnerships, invested in valuable infrastructure, and prepared for growth. With this new tranche of capital, we can accelerate our expansion in the U.S. and abroad and begin investing in broader consumer education about the power of stem cells.”