SCOTTSDALE, Ariz.--(BUSINESS WIRE)--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.
“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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No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although RenovaCare, Inc. (the “Company”) believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: the timing and success of clinical and preclinical studies of product candidates, the potential timing and success of the Company’s product programs through their individual product development and regulatory approval processes, adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, obsolescence of the Company's technologies, technical problems with the Company's research, price increases for supplies and components, litigation and administrative proceedings involving the Company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the Company's operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the Company's ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, and other risks. There can be no assurance that further research and development will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that the Company will be able to develop commercially viable products on the basis of its technologies. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent Form 10-Q and Form 10-K filings with the Securities and Exchange Commission. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at http://www.sec.gov. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.