Histogenics raises $49mm in Series A recap round

Regenerative medicine firm Histogenics Corp. has raised $49mm in a Series A financing led by Sofinnova Ventures, which was joined by other first-time backers Split Rock Partners, BioMed Ventures, and FinTech GIMV Fund, and returning shareholders ProChon Holdings, Altima Partners, Foundation Medical Partners, Inflection Point Capital, and Boston Millennia Partners. A member from Sofinnova and Split Rock will gain representation on Histogenics’ board. Boston Equity Advisors was the placement agent. The company will use the funds to finish Phase III trials of its cartilage repair candidate NeoCart, and to gain the CE Mark for its VeriCart cell-free collagen scaffold. The Series A coincides with Histogenics’ recapitalization as a result of its May 2011 acquisition of ProChon Biotech. (Histogenics completed a $9mm Series B during the latter half of 2008 and concurrent with the ProChon deal it raised $34.3mm through the sale of equity and debt.)