Histogenics reels in $30M for regenerative knee implant

Regenerative medicine player Histogenics closed a $30 million private placement, the proceeds of which will bankroll the late-stage development of its implant to repair knee cartilage damage.

Histogenics’ NeoCart implant is currently in Phase III development. It is made from a patient’s own cartilage cells, taken from the cartilage surface of the femur, according to the company. The cells are expanded and then embedded in a 3D collagen scaffold and incubated in Histogenics’ proprietary Tissue Engineering Processor, which mimics the environment of the knee joint.

After a few weeks, the company says, the “neocartilage” is shipped for surgical implantation into the patient’s knee. Within months, the implant could potentially remodel, the cartilage cells in it maturing and the “neocartilage” integrating with existing cartilage in the knee joint, the company said.

A Phase II trial pitting the NeoCart against the standard of care showed that the implant met its primary endpoints for safety, pain and function. The funds will be used to complete an ongoing Phase III trial as well as toward corporate and working capital purposes, the company said in a statement.

Histogenics expects to complete enrollment of the Phase III trial in Q2 2017 and anticipates topline data to be available mid-2018.