DiscGenics Raises $50 Million in Series C Funding (press release)
DiscGenics, Inc., a clinical stage biopharmaceutical company developing regenerative cell-based therapies that alleviate pain and restore function in patients with degenerative diseases of the spine, today announced it has raised $50 million in a Series C funding round led by Ci:z Investment LLP with participation from new investors, Eagle Fund SP1 LLP, Medical Incubator Japan (MIJ), and CareNet of Japan. Major follow-on investments from Mitsubishi UFJ Capital Co. Ltd, the Company’s Board of Directors, and existing long-term investors contributed to the oversubscription of the round. This latest round of funding brings investment in the Company to just over $71 million to-date.
DiscGenics will use the new capital to support ongoing clinical trials of its injectable Discogenic Cell Therapy (IDCT) for lumbar degenerative disc disease (DDD), to fund future commercialization activities in the U.S. and Japan, and for the scale up and scale out of its allogeneic cell manufacturing facility in Salt Lake City, UT.
“We are extremely pleased and humbled by the interest and support we have received in this round of funding,” sa...
