DiscGenics Closes $50M in Series C Round of Financing

The company intends to use the funds to support ongoing clinical trials of its injectable Discogenic Cell Therapy (IDCT) for lumbar degenerative disc disease (DDD), to fund future commercialization activities in the US and Japan as well as for the scale-up and scale out of its allogeneic cell manufacturing facility in Salt Lake City, UT.

FREMONT, CA: DiscGenics, a Salt Lake City, UT-based clinical-stage biopharmaceutical company developing regenerative cell-based therapies that alleviate pain and restore function in patients with degenerative diseases of the spine, closed $50m in Series C funding.

The round was led by Ci:z Investment LLP with active participation from new investors, Medical Incubator Japan (MIJ), Eagle Fund SP1 LLP, and CareNet of Japan. Major follow-on investments from Mitsubishi UFJ Capital Co. Ltd, the company's Board of Directors, and existing long-term investors contributed to the round's oversubscription. The company has raised total funding of over $71m to date.

The company intends to use the funds to support ongoing clinical trials of its injectable Discogenic Cell Therapy (IDCT) for lumbar degenerative disc disease (DDD), to fund future commercialization activities in the US and Japan as well as for the scale-up and scale out of its allogeneic cell manufacturing facility in Salt Lake City, UT.

Led by Flagg Flanagan, Chief Executive Officer and Chairman of the Board of Directors, DiscGenics is a clinical-stage biopharmaceutical company focused on developing regenerative cell-based therapies that relieve pain and restore function in patients with degenerative diseases of the spine. Its first product candidate, IDCT, is a homologous, allogeneic, injectable cell therapy that uses biomedically engineered progenitor cells derived from intervertebral disc tissue, known as Discogenic Cells, to provide a non-surgical, potentially regenerative solution for the treatment of patients with mild to moderate degenerative disc disease.