ISTO to Expand Headquarters

Orthobiologics company ISTO Technologies Inc. has secured $8 million in private debt financing, according to a filing with the U.S. Securities and Exchange Commission.

Company Chief Financial Officer Scott Gill told the St. Louis Business Journal that ISTO will use the loan money to expand it headquarters facility in Olivette, Mo. (near St. Louis). Gill would not disclose further details about the expansion or how it will affect the company.

Founded in 1997, ISTO is a privately held company that develops stem cell technology to repair and regenerate damaged or injured cartilage and bone. Previously, the company had raised nearly $20 million from investors, including Ascension Health Ventures, which provided funding to ISTO last January as part of its third venture capital fund. In June of last year, ISTO raised slightly more than $2 million of a total $3.07 million offered in an equity sale.

Also in January, CEO Mitch Seyedin, PhD., stepped down and ISTO named George Dunbar Jr. as his replacement. Seyedin now serves as the company’s executive chairman and on its board.

For more of ODT’s coverage of ISTO, click here.