Medavate Corp. (“Medavate”), announced that it has entered into an asset purchase agreement pursuant to which Medavate will acquire substantially all of the assets related to the NeoCart platform (the “assets”) from Histogenics Corporation (“Histogenics”) in cash, for a total transaction value of approximately $6.5 million.  The closing of the sale of the Assets is subject to and conditioned upon, among other things, a vote of Histogenics’ stockholders approving such transaction and other closing conditions. The closing of the transaction is expected to take place later in 2019.

The acquisition of the assets related to the NeoCart platform will serve to form the basis for Medavate’s leading precision healthcare division, whereby Medavate will provide an integrated and coordinated continuum of care that provides better solutions to patients including early diagnosis, prevention and regenerative and curative treatment solutions. 

“As we develop the Medavate platform, the addition of NeoCart will serve as a cornerstone of our regenerative medicine and precision health division,” stated Michael K. Handley, Chairman of Medavate Corp.  “The long clinical and manufacturing history of NeoCart may provide patients and surgeons compelling pain and functional improvements not served by current therapies. The recent Phase 3 NeoCart trial and data, with market leading meaningful outcomes as early as 6 month and 1 year, have been received favorably by patients and surgeons and we look forward to being able to partner with leading clinicians and scientists to commercialize this product”

“As regenerative medicine starts to come into mainstream clinical practice Medavate has positioned itself as a world leader by acquiring a cutting edge personalized cellular therapy platform, NeoCart, and developing it for potentially millions of patients suffering from pain and disabilities,” stated Stephen Shaya, M.D. Medavate Board Member and Managing Director of J&B Medical.