Histogenics Corp., a Waltham, Mass.-based tissue repair company, has raised $13.1 million in second-round funding. Return backer Boston Millennia Partners led the round, and was joined by Foundation Medical Partners and Stryker Corp.
Boston Millennia Partners is pleased to announce the recent closing of a $13.1 million preferred stock equity financing of Histogenics Corporation. Histogenics is focused on the repair of articular cartilage damage utilizing advancements in cell biology, tissue culture, engineering, and materials science to affect tissue repair. The Company's technology is based on the work of Dr. Shuichi Mizuno of Brigham and Women's Hospital, a
Boston Millennia Partners led the round, originally investing in the Company in January of 2006. Also participating in the financing round were Foundation Medical Partners, a venture firm, and Stryker Corporation (NYSE: SYK), one of the leading orthopedic companies in the world. As part of the round, Patrick J. Fortune, Ph.D., Partner with Boston Millennia Partners, joined the Company's Board of Directors.
“Histogenics' technologies have the potential to provide an alternative to joint replacement in treating injuries to weight bearing joints. Such injuries can result from trauma or from a lifetime of wear and tear, so that the Histogenics technology is expected to be good news for people over the age of thirty just beginning to suffer from joint pain. We believe Histogenics is uniquely positioned to address this growing market opportunity with an effective cartilage repair technology,” stated Dr. Fortune.
Articular cartilage lines the articulating joints of the body and serves to provide a smooth and low friction surface. This cartilage can be injured as a result of trauma or general wear and tear. When injured, a lesion forms in the surface of a joint leading to pain and reduced function. These lesions are not naturally repaired by the body and can progress to osteoarthritis. Once osteoarthritis has developed, the gold standard therapy is joint replacement. Joint replacement is not, however, generally practical until the patient reaches the age of 50 or so.
Histogenics' NeoCart System enables a surgeon to extract a sample of a patient's native chondrocytes, culture them and then re-implant them into a lesion using a proprietary collagen matrix and glue. This System also includes the biopsy and implantation instrument set. In addition, the Company also plans to test a single step procedure that involves use of the matrix without the addition of any cells, as well as a single step procedure that uses the matrix with growth factors but no extracted cells.
About Histogenics Corporation
Histogenics Corporation's approach to cartilage regeneration is to use a technology platform that employs advances in cell biology, tissue culture, engineering, and materials science to affect tissue repair. Histogenics uses biomechanical stimulation, novel materials, and the patient's own cells to produce cartilage outside the body for re-implantation. A second product, currently in development, will utilize an acellular version of the same technology to produce cartilage inside the body. Histogenics has assembled a portfolio of patents that protect the Company's investment in technology and its position in the tissue engineering field. The Company holds 15 applications on the structure and function of NeoCart and related products. It holds a series of 3 issued US patents and 12 applications on the processor. In addition, it licenses a pressure algorithm series which thus far includes one US patent and eight additional applications from
About Stryker Corporation
Stryker Corporation is one of the world's leading medical technology companies with the most broadly based range of products in orthopaedics and a significant presence in other medical specialties. Stryker works with respected medical professionals to help people lead more active and more satisfying lives. The Company's products include implants used in joint replacement, trauma, craniomaxillofacial and spinal surgeries; biologics; surgical, neurologic, ear, nose & throat and interventional pain equipment; endoscopic, surgical navigation, communications and digital imaging systems; as well as patient handling and emergency medical equipment. Stryker also provides outpatient physical therapy services in the