Healthcare Industry News: joint replacement
News Release - September 2, 2008
Histogenics Secures $9 Million in Second Round of FinancingWALTHAM, MASSACHUSETTS, September 2, 2008--(HSMN NewsFeed)-- Histogenics Corporation, a privately held cartilage regeneration company developing products for joint repair, has closed a $9 million Series B round of equity financing led by Boston Millennia Partners.
Other participants include existing investors Foundation Medical Partners, Altima Partners, Stryker Corporation, Inflection Point Partners and one private investor.
The financing will be used to further the development and clinical trials of its NeoCart® neocartilage implant and VeriCart™ auto-regenerative cartilage matrix. The NeoCart implant will finish Phase II clinical trials this fall where it is showing promise for use as a treatment for repairing knee joints.
"This funding reflects the strong confidence well-respected investors have in the technology Histogenics has developed to encourage the generation of true hyaline cartilage," said F. Ken Andrews, President and Chief Executive Officer. "Histogenics products yield strong, long-lasting cartilage, and can offer a more desirable alternative to microfracture surgery and other traditional methods."
Dominic Redfern, managing partner of Altima Partners, said, "We are delighted to be associated with Histogenics, and to support its innovative approaches for restoring joint function."
Boston Equity Advisors, LLC acted as placement agent. Boston Equity Advisors is a FINRA member broker/dealer firm focusing on the private placement of equity securities for medical device and biotech companies.
Histogenics develops and manufactures products that improve the body's ability to regenerate healthy cartilage, improve joint function and prevent degenerative disease. Formed in 2000, the company takes an interdisciplinary approach to engineering neocartilage that looks, acts, and lasts like hyaline cartilage. It is developing new treatments for sports injuries and other orthopedic conditions, where demand is growing for long-term alternatives to joint replacement. Histogenics has successfully completed Phase I clinical trials, and has nearly completed Phase II trials in which the NeoCart® implant's effectiveness is compared to that of standard microfracture surgery. Trials for the VeriCart™ matrix began in 2008. Based in Waltham, Massachusetts, the company is privately held. Major investors include Boston Millennia Partners, Foundation Medical Partners, Altima Partners, Stryker Corporation, Inflection Point Partners, Takagi Sangyo and a private investor. For more information, visit http://www.histogenics.com.
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