RenovaCare Chairman Invests $15.5 Million to Fund SkinGun™ Regulatory Submissions and Clinical Trials
RenovaCare, Inc., (Symbol: RCAR; www.renovacareinc.com) today announced an equity financing for $15.5 million from Kalen Capital Corporation, the family office of Mr. Harmel S. Rayat, majority shareholder and Chairman of RenovaCare. This increases his family office’s total equity investment in RenovaCare since 2013 to over $20 million.
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Mr. Harmel S. Rayat, Chairman of the Board of Directors of RenovaCare, Inc. (Photo: Business Wire)
“Our long-term investment in RenovaCare speaks to our conviction that patients worldwide urgently need and deserve our regenerative SkinGun™ therapy, which sprays a patient’s own stem cells for rapid self-healing,” stated Mr. Harmel S. Rayat.
“I’m more confident than ever in our mission to replace painful and costly skin grafting surgeries with an ultra-gentle healing mist of one’s own skin cells. I believe we are in the right place, at the right time and with the right technology.”
To see remarkable ‘before-after’ patient recovery using the SkinGun™, please watch this video.
Today’s investment round is earmarked to advance the Company’s regulatory approval process and clinical trial program. Mr. Rayat’s previous investment rounds enabled pre-clinical development, product engineering, and intellectual property filings.
“This $15.5 million equity round, which consists of $14,407,500 in cash and the conversion by Kalen Capital of the $1,095,000 of debt owed, provides us with ample funds. We can now pursue human clinical trials for the SkinGun™, further strengthen our patent portfolio, bolster our management team and investigate the use of our cell spray technology for medical conditions beyond burns,” stated Mr. Thomas Bold, President of RenovaCare.
Over 70 patients with various types of severe second-degree burns have been treated to-date on an experimental basis with the technology underlying the RenovaCare SkinGun™.
Sprayed with a gentle mist of their own skin cells, many patients left the hospital within days, avoiding painful skin graft surgeries and potentially weeks of hospitalization.
Patients who undergo skin grafting, today’s default treatment of care, can remain hospitalized for weeks and even months and often must endure multiple painful and costly surgeries and prolonged physical therapy. These patients can suffer from the psychological effects of disfigurement caused by permanent scarring and often cope with the ongoing use of pain medications and protracted joint mobility issues.
RenovaCare has developed its novel SkinGun™ as a potential alternative to skin grafting and other options, such as in-vitro cultured epithelial grafts that require a specialized and expensive external laboratory.
*RenovaCare products are currently in development. They are not available for sale in the United States. There is no assurance that the Company’s planned or filed submissions to the U.S. Food and Drug Administration, if any, will be accepted or cleared by the FDA.
RenovaCare, Inc. is developing first-of-its-kind autologous (self-donated) stem cell therapies for the regeneration of human organs. Its initial product under development targets the body’s largest organ, the skin. The company’s flagship technology, the CellMist™ System, uses its patented SkinGun™ to spray a liquid suspension of a patient’s stem cells – the CellMist™ Solution – onto wounds. RenovaCare is developing its CellMist™ System as a promising new alternative for patients suffering from burns, chronic and acute wounds, and scars. In the US alone, this $45 billion market is greater than the spending on high-blood pressure management, cholesterol treatments, and back pain therapeutics.
For additional information, please call Drew Danielson at: 888-398-0202 or visit: https://renovacareinc.com
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