Histogenics Announces $30.0MM Private Placement
Histogenics entered into an agreement to raise ~US $30.0MM in a private placement comprising common stock, Series A Convertible Preferred Stock and exercisable warrants. The placement is led by new investors, with participation from certain existing investors.
Net proceeds will support the development of NeoCart® novel cartilage repair therapy, including completion of an ongoing Phase III clinical trial. Enrollment of 245 subjects will complete in 2H17, with topline data on 1-year primary efficacy available by mid-2018. Over 50% of enrollment was complete by mid-1Q16.
NeoCart autologous cell therapy is designed to treat knee cartilage defects.
Sources: Histogenics Corporation; ORTHOWORLD Inc.; clinicaltrials.gov