ISTO Technologies Completes $10.8 Million Financing
Aug 31, 2005
St. Louis, MO August 31, 2005–ISTO Technologies, Inc, a privately held orthobiologics company, today announced the completion of a $10.8 million financing package, which includes equity and development funds. Zimmer Holdings Inc. led the financing round; other key investors include Alafi Capital Company LLC, Life Science Partners and Mid-America Transplant Services.
Commenting on the financing, Mitchell Seyedin Ph.D., president and chief executive officer of ISTO Technologies, said, “We are delighted to have the confidence and the support of our investors and corporate partner.”
ISTO is developing cell-based therapies that team with the body’s resources to heal, regenerate, and restore full function to damaged cartilage. Repair and regeneration of damaged articular cartilage tissue remains a significant unmet clinical need. Currently,few repair options are available to physicians, especially for pain caused by osteoarthritis and damaged discs. Initial applications will target two large markets: knee joints and spinal discs. Together, these markets represent more than one million patients per year in the United States alone.
ISTO’s proprietary cartilage regeneration and repair process uses cartilage cells (also called chondrocytes) from young donors. These young chondrocytes are significantly more active than their adult counterparts, and can thus generate cartilage matrix faster and more efficiently. Also, ISTO’s streamlined technique to grow and expand these cells allows for commercial applications. This ability will help Company scientists develop off-the-shelf products intended for repair of spinal discs and damaged joints.
“This funding will allow ISTO Technologies to move its cartilage products to human clinical trials, and will speed development of therapies that will improve quality of life for patients” said Seyedin.
About ISTO Technologies, Inc.
ISTO Technologies, Inc., is an orthobiologic company that seeks to identify, discover, and develop advanced, proprietary technologies that empower the body to regenerate and restore full function to injured or diseased cartilage. For additional information:
Visit ISTO Technologies’ website at www.istobiologics.com; or contact the company by phone at