Histogenics Raises $9mm
BY JOHN MCCORMICK, SEPTEMBER 2, 2008
A cartilage company raising venture money is a not-so-common development in the world of sports medicine. In this instance, Waltham, MA based Histogenics just announced it has raised $9 million from venture investors. Of interest, Stryker was included in the venture lineup.
Histogenics has two principal technologies. NeoCart is an autologous "neocartilage" implant for knee injuries. Histogenics grows the neocartilage outside of the body using a patented, high-pressure tissue engineering processor that mimics the body's natural conditions. According a conversation we had with CEO Ken Andrews, funds will be applied to the ongoing phase II study for NeoCart.
The other technology is VeriCart, which is an auto-regenerative cartilage matrix - a surgical implant - that stimulates the formation of cartilage within its biodegradable porous structure. According to Andrews, studies for VeriCart will also be funded from these proceeds.
With all the false starts we have seen in cartilage repair over the years, we are encouraged to see a new player the field with fresh funds.
