ProChon Biotech Ltd. Closes $3.95 Million Bridge Loan

WOBURN, Mass.--(BUSINESS WIRE)--ProChon Biotech, Ltd., an innovator of tissue regenerative technologies that are being developed to relieve pain and restore the mobility and quality-of-life for sufferers of articular cartilage injuries, today announced the closing of a $3.95 million convertible bridge loan from current investors, ProChon Holdings B.V. and the Musculoskeletal Transplant Foundation. The proceeds will be used to advance the clinical development of the BioCart™ Cartilage Regeneration System and U.S. manufacturing of the Company’s proprietary fibroblast growth factor technology.