Cartilage regenerative cos Prochon Biotech and Histogenics merge

Cartilage regenerative developer Prochon Biotech Ltd. has been acquired by regenerative medicine company Histogenics Corporation for an undisclosed amount in a share-swap deal.

The merged company will be run by ProChon CEO Patrick O'Donnell,

ProChon has offices outside Boston and at the Weizmann Science Park in Ness Ziona. Most of the merged company's 21 employees will be in the US. There are no Israeli investors in the merged company, whose main investors include Altima Partners, Boston Millennia Partners, and Foundation Medical Partners.

The company's leading product is in the final clinical development stage, after achieving goods results in a Phase II clinical trial. Both companies are developing cartilage regenerative products to repair articular cartilage defects and injuries. Histogenics also has products in the early development stage.

Published by Globes [online], Israel business news - www.globes-online.com - on May 18, 2011