InGeneron Extends Series D Financing to $43 Million to Bring Regenerative Cell Therapy into the Clinic
Company raises up to additional $23 million from strategic partner Sanford Health to advance pivotal program in rotator cuff tendinopathy
Houston, TX, USA, June 11, 2019 – InGeneron, Inc., a clinical stage regenerative medicine and cell therapy company, announced today the extension of its Series D financing by up to $23 million, totaling up to $43 million to be invested in the organization. The additional funds will come from InGeneron’s clinical partner Sanford Health, one of the largest integrated health systems in the United States. The investment is structured in various tranches linked to progress in the company’s development. It will support the advancement of InGeneron’s pivotal study in rotator cuff tendinopathy, a degenerative and often chronic condition found in a person’s shoulder, as well as other clinical programs in its autologous point-of-care cell therapy portfolio. Last month, the company announced the enrollment of the first patients in its rotator cuff tendinopathy pivotal trial.
“We are impressed by the progress InGeneron has made toward the use of adult stem cells to treat a number of injuries and conditions,” said Kelby Krabbenhoft, President and CEO of Sanford Health, who is also a board director of InGeneron. “Through our collaboration with the company, Sanford Health is among the first health systems in the U.S. in a clinical stage of researching this novel treatment approach for the benefit of patients in compliance with the FDA’s regulatory pathway.”
InGeneron’s therapeutic approach involves isolating and preparing adipose-derived regenerative cells (ADRCs) from a patient’s own fat tissue and administering the cells locally at the site of injury. The therapy is enabled by a proprietary cell processing system, designed for a one-time, minimally-invasive, outpatient procedure performed at the bedside. The company’s primary focus is on developing an autologous cell therapy to treat pain and functional impairments associated with musculoskeletal conditions.
“Sanford Health’s continued support helps advance InGeneron’s regenerative cell therapy into the expansive pivotal trial phase, a significant step toward bringing our therapy into the clinic,” said Angelo Moesslang, PhD, Chief Executive Officer of InGeneron. “This is an exciting time for the company, as one of the largest health systems in the United States further affirms the potential of adipose-derived regenerative cell therapy, while we diligently work to make it available to patients.”
InGeneron has launched three clinical programs centered around key musculoskeletal conditions. Its lead program in partial thickness rotator cuff tears is presently enrolling patients in a double-blinded, multi-center pivotal study. The company is also conducting feasibility trials in chronic back pain and wrist osteoarthritis. It reported top-line data of its partial thickness rotator cuff tear feasibility study in December 2018, which found the therapy to be safe and well-tolerated. The data can be found on the company’s website, and the results of that trial are being prepared for peer-reviewed publication.
InGeneron is a clinical stage cell therapy company enabling novel, safe and evidence-based regenerative medicine therapies. Our purpose is to set new therapeutic standards by developing treatments that unlock the healing potential of each patient’s own regenerative cells processed at the point of care for same-day application. We focus on helping patients who are impacted by musculoskeletal conditions. www.ingeneron.com
About Sandford Health
Sanford Health, one of the largest health systems in the United States, is dedicated to the integrated delivery of health care, genomic medicine, senior care and services, global clinics, research and affordable insurance. Headquartered in Sioux Falls, South Dakota, the organization includes 44 hospitals, 1,400 physicians and more than 200 Good Samaritan Society senior care locations in 26 states and nine countries. Nearly $1 billion in gifts from philanthropist Denny Sanford have transformed how Sanford Health improves the human condition. www.sanfordhealth.org
On behalf of InGeneron