RenovaCare, Inc. (OTCPINK: RCAR) is exploding up the charts after the Company 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.
RCAR is a volatile stock that saw an explosive move up off its base at $1.50 on the news. The stock has a history of fast explosive moves running to $12.82 highs earlier this year.
RenovaCare, Inc. (OTCPINK) 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. 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.
CEO Mr. Harmel S. Rayat stated after his $15.5 million investment “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. 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. Today’s investment round is earmarked to advance the Company’s regulatory approval process and clinical trial program.”
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Mr. Thomas Bold, President of RenovaCare stated “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. 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.
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Currently trading at a $126 million market valuation RCAR is fully funded moving foward thanks to the recent $15.5 million Investment from the Company’s CEO Mr. Harmel S. Rayat. 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. We will be updating on RCAR when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with RCAR.
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Disclosure: we hold no position in RCAR either long or short and we have not been compensated for this article.