Histogenics filed for an initial public offering, aiming to raise up to $65 million as it begins Phase III testing of its knee cartilage product NeoCart.
The regenerative medicine company plans to list its shares on the NASDAQ exchange under the symbol HSGX.
Underwriters include Cowen & Co., Needham & Co. and Canaccord Genuity, with the company estimating it will pay registration fees of $7.6 million if it hits a maximum aggregate offering of $65 million, according to a regulatory filing.
Still operating in the red, Histogenics reported a loss of $11.7 million for the 1st half of 2014.
Since its launch in 2000, the Waltham, Mass.-based company has netted $107 million in outside financing. Primary shareholders now include Wilmslow Estates, Sofinnova Venture Partners, Altima Restructure Fund, affiliates of Boston Millennia Partners and Split Rock Partners.
Histogenics’ lead product candidate is NeoCart, a regenerative medicine technology that can be used to repair damaged cartilage in joints. NeoCart is created by cultivating a patient’s own cartilage cells in the laboratory, which are then implanted into the damaged joint. The product is currently in Phase III testing.
If approved, Histogenics hopes NeoCart will become a viable treatment option for patients suffering from knee joint damage or degeneration.
According to the company, Americans undergo approximately 600,000 arthroscopic knee procedures and 750,000 knee replacements annually. Histogenics raised a $49 million funding round in July 2012.
In July, Histogenics hired Adam Gridley as CEO. He succeeded Peter Greenleaf, who left to head Bethesda, Md.-based biotech Sucampo (NSDQ:SCMP). Gridley previously served as senior vice president of technical operations for Merz.