SALT LAKE CITY, Sept. 26, 2017 /PRNewswire/ -- DiscGenics, Inc., a clinical stage regenerative medicine company focused on developing regenerative therapies that alleviate pain and restore function in patients with degenerative diseases of the spine, today announced it has closed a $14 million Series B financing.
The round brings DiscGenics' total funding to $21.7 million, and was jointly led by the Company's Board of Directors, existing long-term investors and new investment partner and observer Mitsubishi UFJ Capital Co. Ltd.
"The success of this financing round demonstrates the high level of confidence our investors have in our vision of transforming the way millions of patients suffering from the debilitating effects of chronic back pain are treated, beginning with our first product candidate, IDCT, an injectable cell therapy for degenerative disc disease," said Flagg Flanagan, Chief Executive Officer and Chairman of the Board for DiscGenics. "As we pursue dual regulatory tracks in the U.S. and Japan for IDCT, the addition of Mitsubishi UFJ Capital, one of the world's leading financial groups, as an investment partner will be invaluable."
"DiscGenics' revolutionary approach to treating degenerative diseases of the spine by introducing therapeutic cells that originate from the exact cell type they are intended to regenerate, presents a significant clinical opportunity to address a major unmet need, and with it, a very compelling investment opportunity," said Najeeb Thomas, MD, a practicing neurosurgeon and Managing Partner at Southern Brain & Spine in New Orleans, LA and an investor in DiscGenics. "I believe in the potential of this technology to change the way we care for patients with chronic back pain and in the DiscGenics team to execute on its mission of bringing this product through the clinic to market."
"The global market for low back pain is immense and we see an incredible opportunity for DiscGenics to be a major disruptive player in the space," said Junichi Masuda, Managing Director and Director at Mitsubishi UFJ Capital Co. Ltd. "Our investment in DiscGenics enables us to play an important role in the development of a potentially game-changing technology while continuing to build our biotechnology investment portfolio."
DiscGenics is using the proceeds from this round to support clinical development of IDCT in the U.S. and Japan, ramp up translation of its cell therapy manufacturing process for Phase III clinical and commercial production, and to fund ongoing operations.
DiscGenics is a privately held, clinical stage regenerative medicine company focused on developing regenerative therapies that alleviate pain and restore function in patients with degenerative diseases of the spine. DiscGenics is harnessing the restorative potential of cells native to the intervertebral disc to develop what we hope will be a profound therapeutic option for millions of patients suffering from the debilitating effects of back pain. DiscGenics' first product candidate, IDCT, is a homologous, allogeneic, injectable cell therapy for the treatment of patients with mild to moderate degenerative disc disease.
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SOURCE DiscGenics, Inc.