Histogenics inks $10 stock sale deal, beats the Street with Q4, 2017 earnings

Histogenics (NSDQ:HSGX) today announced a $10 million sale deal and released its fourth quarter and full year 2017 earnings, seeing shares fall as losses grew, despite the company beating The Street with its loss-per-share numbers. The company said it inked an equity distribution agreement with Cannacord Genuity to sell up to $10 million, with Cannacord acting as its sales agent. Cannacord will receive 3% of the gross proceeds from the sale, the company said. Shares in the company have fallen today despite the company beating The Street with its fourth quarter and fiscal year 2017 earnings. The Waltham, Mass.-based company posted losses of $6.1 million, or 26¢ per share for the three months ended December 31, seeing a swing into the red when compared to the same period during the previous year. For the full year, Histogenics posted losses of $22.5 million, or 99¢ per share, with losses growing 62.3% compared with the previous fiscal year. Losses per share for the quarter and year were ahead of consensus on Wall Street, where analysts expected to see losses per share of 27¢ and $1.06 for the quarter and year, respectively. “We achieved multiple, significant milestones in our global development strategy for NeoCart in 2017, providing a strong foundation for additional value creation in 2018. With the completion of enrollment in the NeoCart Phase 3 clinical trial in the first half of 2017, we are on track to report top-line data from this trial and potentially submi...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News MassDevice Earnings Roundup Wall Street Beat Histogenics Source Type: news