Biotech Firms Histogenics and ProChon Merge (OTW)
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 effec...
