DiscGenics has announced that it has raised US$50 million in a Series C funding round led by Ci:z Investment with participation from new investors, Eagle Fund SP1 LLP, Medical Incubator Japan (MIJ), and CareNet of Japan. Major follow-on investments from Mitsubishi UFJ Capital, the company’s board of directors, and existing long-term investors contributed to the oversubscription of the round.
The latest round of funding brings investment in the company to just over US$71 million to-date.
DiscGenics will use the new capital to support ongoing clinical trials of its injectable Discogenic Cell Therapy (IDCT) for lumbar degenerative disc disease (DDD), to fund future commercialisation activities in the USA and Japan, and for the scale up and scale out of its allogeneic cell manufacturing facility in Salt Lake City, USA.
“We are extremely pleased and humbled by the interest and support we have received in this round of funding,” said Flagg Flanagan, chief executive officer and chairman of the board of directors for DiscGenics. “I would like to sincerely thank the team at DiscGenics for their tremendous efficiency over the past several years in the use of our resources and capital to achieve clinical capacity on two continents while building out our manufacturing facility in preparation for anticipated commercial demand of our product.”