Biopharmaceutical company DiscGenics has raised $50 million in a Series C funding round, according to an Aug. 25 news release.
Four things to know:
1. Significant investments from Mitsubishi UFJ Capital, DiscGenics' board of directors and existing long-term investors contributed to the oversubscription of the round.
2. DiscGenics has secured more than $71 million in funding to date.
3. The company will use the funds to support clinical trials of its allogeneic, injectable disc cell therapy for lumbar degenerative disc disease.
4. DiscGenics has added two new board members and plans to expand out of its manufacturing facility in Salt Lake City.