Biostage secures $6M to advance clinical trials
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The former Biostage, now Harvard Apparatus Regenerative Technology Holliston headquarters.
Biostage, a cell-therapy biotech company based in Holliston, has received $6 million in commitments from investors to accelerate its clinical development program.
Biostage’s leading product, the Biostage Esophageal Implant, involves regenerative medicine technology that uses a patient's own stem cells to restore function. Biostage has received FDA approval for clinical trials of the implant, according to a Thursday press release from the company.
Biostage intends to expand trials using the implant for pediatric patients pending successful results in the adult study and FDA approval, according to the release. In pediatric patients, Biostage expects to pursue FDA approval for the repair of birth defects.
The company previously announced it has secured patents to pursue treatment for lung cancer in addition to esophageal disorders.
The $6 million in funding comes in the form of securities purchase agreements, with investors agreeing to purchase an aggregate of 1,000,967 shares of common stock, according to the press release. Biostage was trading at $6.15 per share on the OTC Market as of open on April 7.
“I am very pleased to welcome our new strategic investors and to thank our existing investors for their continued support. We will continue to execute our plan on clinical trials and development, and to make Biostage a success both for its patients and shareholders,” said Biostage Chief Executive Officer and Chairman of the Board Jerry He in the press release.
He became CEO in March, following turnover in the position and financial challenges.
As of April 5, the company had received $3.6 million in proceeds from the stock purchases, according to the press release.
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