US-based regenerative medicine and cell therapy technology developer InGeneron extended its series D round to $43m on Tuesday with a $23m investment from hospital operator Sanford Health.
The corporate had provided the initial $20m in March 2017 as part of a cooperation agreement and has structured the capital in various tranches based on the company’s development.
Founded in 2006, InGeneron is developing technology that helps doctors treat musculoskeletal conditions by administering regenerative cells taken from a patient’s own fat tissue.
The capital will be used to support clinical trials for the company’s lead program, which is being developed to treat rotator cuff tendinopathy, a condition that causes the tendons and muscles supporting the shoulder joint to swell up. Proceeds will also be used to conduct trials for chronic back pain and wrist osteoarthritis.
Angelo Moesslang, chief executive of InGeneron, said: “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.
“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 raised $4.5m in equity funding in July 2016, five months before securing $2.15m of debt financing according to regulatory filings. It has not identified investors in the rounds or disclosed details about earlier funding.