Histogenics Corp. brought in more than $34 million in equity and debt financing after its acquisition of fellow Bay State firm ProChon Biotech Ltd.
The two companies merged in an all-stock deal that brings ProChon CEO Patrick O’Donnell into the Histogenics corner office.
O’Donnell told MassDevice.com last week that a deal has been in the works since the early part of 2011.
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Histogenics has one product, an autologous knee cartilage regeneration system called NeoCart, in a pivotal Phase III trial. ProChon’s BioCart product, which uses a proprietary growth factor with a biocompatible scaffold for knee cartilage repair, is in a Phase II trial.
The company plans to pursue both tracks, O’Donnell said.
The funding came from sales of equity issued as a result of the merger and debt issued by financing the two businesses together, according to the SEC filing.
[Knee photo courtesy of Flickr user Larry Page]
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The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
