MISSISSAUGA, ON and TORONTO, ON, Sept. 27, 2012 /CNW/ - Wellington Financial LP, a privately-held specialty finance firm, today announced that Wellington Financial provided a $4.5 million venture debt financing for Insception Biosciences Inc. Insception Biosciences Inc. is a stem cell services company providing umbilical cord blood collection, processing, cryo-preservation storage and stem cell expansion technology.
"Insception is Canada's largest and most experienced cord blood program. With over 39,000 samples banked, Insception Biosciences is able to provide every Canadian family with the ability to collect and store valuable cord blood," said Mark McQueen, CEO and President of Wellington Financial LP. "Stem cells from cord blood are used in the treatment of many diseases and are showing promise in the development of regenerative medicine therapies."
Richard Lockie, CEO of Insception Biosciences Inc said, "With Wellington Financial's growth capital, we will continue to make our service easily available to all Canadians and develop technologies that will improve the utility of cord blood stem cells. We are pleased to have a premier North American debt firm supporting Insception Biosciences' acquisition and growth opportunities."
Chaitons LLP and Osler, Hoskin & Harcourt LLP provided legal advice on this transaction.
Wellington Financial recently announced the $177.5 million first closing of Wellington Financial Fund IV. Representative Fund III portfolio companies include Belair Networks of Ottawa (acquired by Ericsson in 2012), Clairmail of San Rafael (acquired by Monitise Plc for US$173 million in 2012), Ember of Boston (acquired by Silicon Labs in 2012), MTI of Mississauga (acquired by 3M in 2010), OZ Communications of Montreal (acquired by Nokia in 2008), Pivot Networks of Jersey City (acquired by the CME in 2012), Real Matters of Markham and VisionCritical of Vancouver.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture and amortizing loans up to $30 million. Wellington Financial LP is currently managing a $500 million investment program with offices in Toronto, Canada, and Santa Monica, California. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to the Fund. LPs include several of Canada's largest institutional investors, pension funds, family offices and crown corporations. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
About Insception Biosciences Inc.
Insception is the largest cord blood program in Canada with over 39,000 cord blood units banked. Insception is owned by Argosy Partners, Mount Sinai Hospital, management and its scientific founders. By partnering with leading Canadian medical facilities such as Toronto's Mount Sinai and the Scarborough Hospitals, Insception continues to work closely with Canada's leading healthcare providers. The Insception Cord Blood Program is able to provide every Canadian family with security, state of the art processing and storage, financial stability and long term professional governance. For more information please visit www.Insception.com
SOURCE: Wellington Financial LP
For further information:
Wellington Financial LP
Tel: (416) 682-6007, [email protected]