2 Autologous Cartilage Regeneration companies merge – Biotech Firms Histogenics and ProChon
Histogenics Acquires ProChon Biotech in an All-Stock Transaction (HealthPointCapital)
Histogenic acquired ProChon Biotech in an all-stock exchange this week, with the companies declining to announce a dollar amount for the transaction. Both companies are developing autologous cartilage regeneration products. Histogenics has begun phase III studies of its NeoCart product following “very positive” phase II data, while ProChon has fibroblast growth factor technology they were developing into the BioCart system. The company said their immediate goal is completing the NeoCart phase III study and bringing the product to market in the United States, Europe and Israel.
Histogenics develops and manufactures products to improve the body’s ability to regenerate healthy cartilage, improve joint function and prevent degenerative disease. Formed in 2000, the company is developing new treatments for sports injuries and other orthopedic conditions where demand is growing for long-term alternatives to joint replacement. Histogenics has successfully completed Phase I and Phase II clinical trials in which the NeoCart autologous tissue implant’s effectiveness is compared to that of standard microfracture surgery.
ProChon’s research has been focused on modulating the fibroblast growth factor system in humans (an innovative pathway to tissue growth) which have allowed ProChon to create innovative and, the company hopes, more effective solutions for tissue regeneration. Specifically, ProChon’s technologies allow for the combination of cell regeneration technologies with proprietary growth factors and biocompatible scaffolds. As a result, ProChon’s technologies can potentially deliver to patients the ability to restore injured or chronically damaged tissues to a more normal state. ProChon has an extensive patent estate with issued patents from the United States, Europe, Israel and Australia.