Cord Blood America, an umbilical cord blood stem cell preservation company, has received a commitment for up to $2.3 million to either buy or build its own laboratory for the purpose of storing of multiple stem cell products including umbilical cord blood stem cells. About $300,000 of the funding has already been received by the Cord Blood America to begin the laboratory purchase or construction, with the additional $2 million to be paid out in future installments.

Matthew Schissler, founder and CEO of Cord Blood America, said: “The funding is from a private, institutional investor and allows us to focus even further on our due diligence efforts that I announced earlier. Certain properties of the funding will be recorded as both an asset and a liability on our books.”