Biostage closer to human testing on momentum of $5M stock offering
Biostage is moving closer to human trials of its esophagus regeneration technology, anticipated to take place in 2017, on the back of an additional $5 million in funding gained through a stock offer.
In a letter to shareholders as the company’s second quarter of 2016 comes to a close, CEO Jim McGorry said that the company has secured enough funding to carry it through the testing necessary to move to human trials of its Cellspan esophageal implants The Holliston company, formerly known as Harvard Apparatus Regenerative Technology, announced in May that it has already successfully regenerated a segment of esophagus in a study of the implants conducted with the Mayo Clinic using Yucatan Pigs.
McGorry went on to explain in the letter that the company released additional stock to the market to secure $5 million and firm up its cash-on-hand position. He said a perceived lack of cash had attributed to a decline in the company’s stock prices and that now the company has the capital to get through a number of milestones in 2016, including the filing of an Investigational new drug application (IND) with the U.S. Food and Drug Administration (FDA) to start human clinical trials.
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