Cartilage regeneration company Histogenics Corp. said it has raised $13.1
million in Series A-1 financing.
Boston Millennia Partners led the round, said Laurence Tarrant, chairman of
Histogenics, and was joined by Foundation Medical Partners and Howmedica
Osteonics Corp.
Tarrant said technically, the round closed on Aug. 13, but could still end up
totaling up to $16 million. "There are a few stragglers who still may come in,"
he said.
Based in Malden, Mass., Histogenics is developing a product called NeoCart.
According to the company's Web site, NeoCart uses biomechanical stimulation,
novel materials and the patient's own cells to produce cartilage outside of the
body for re-implantation. Tarrant said that NeoCart is on the verge of entering
Phase II trials, which the new funding will help launch. "It's going to take us
well through our clinical trials," he said.
The company is also developing a second product to produce cartilage inside the
body.
Tarrant said that the company was previously backed with an undisclosed amount
of financing from Takagi Industrial Co. of Fuji, Japan.
