Histogen Inc. finally closed its Series A venture round.
The opened the round in May of 2008, but fundraising stalled in early 2009 when Carlsbad, Calif.-based SkinMedica Inc. sued the company for alleged patent infringement. Litigation related to the case is still ongoing.
The round’s investors included Secure Medical, Leonard Lavin, Lordship Ventures and Angus Mitchell.
“With the Series A completed, we are excited to build on the momentum Histogen has created over the past two years, and further advance the company’s rich product portfolio,” said CEO Gail Naughton in prepared remarks.
The San Diego-based regenerative medicine company is developing technology based on cells grown under embryonic conditions. It recently completed a pilot clinical trial for hair regrowth.
Despite 2009’s setbacks, Histogen has already begun fundraising for a Series B round, which has a target amount of $23 million, according to the company.