ProChon Biotech, Ltd., a Woburn, Massachusetts-based biotechnology company, announced the closing of a $3.95m convertible bridge loan from current investors, ProChon Holdings B.V. and the Musculoskeletal Transplant Foundation (MTF).
The proceeds will be used to advance the clinical development of the BioCart Cartilage Regeneration System (an autologous chondrocyte implant system for long-term articular cartilage regeneration stemming from joint cartilage defects and injuries) and U.S. manufacturing of the Company’s proprietary fibroblast growth factor technology.
Commenting on the financing, Patrick O’Donnell, chief executive officer of ProChon, was reported to say: “This capital will be directed towards the execution of our clinical strategy for the BioCart System, as well as the production development of our core technology in collaboration with the Lonza Corporation.
“The current Phase II clinical study has been expanded to an additional six sites in the United States.
ProChon’s R&D facility resides in Ness Ziona, Israel.