HISTOGENICS CORPORATION ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2016 NeoCart Phase 3 Clinical Trial Enrollment on Track for Completion by End of Second Quarter of 2017

HISTOGENICS CORPORATION ANNOUNCES FINANCIAL AND OPERATING RESULTS

FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2016

NeoCart Phase 3 Clinical Trial Enrollment on Track for Completion by End of

Second Quarter of 2017

Strong Performance in all Areas of the Business in 2016

Financing Completed in the Third Quarter of 2016 Expected to Fund Company to Phase 3 Data

Company to Host Conference Call and Webcast Today at 8:30 a.m. EDT

WALTHAM, Mass., March 16, 2017 /GLOBE NEWSWIRE/ Histogenics Corporation (Histogenics) (Nasdaq: HSGX), a regenerative medicine company

focused on developing and commercializing products in the musculoskeletal space, announced its financial and operational results for the year ended December 31, 2016.

We made significant progress in all areas of our business in 2016. We enrolled 82 patients in the NeoCart Phase 3 clinical trial to bring total

enrollment to 196 patients at the end of 2016, consistent with the high end of our previously raised enrollment guidance. In addition, we made substantial progress on the transition of NeoCart raw materials from third party suppliers to our in-house

manufacturing, completed a successful $30 million capital raise, published compelling, long-term NeoCart data from our completed Phase 1 and 2 clinical trials and generated encouraging data as part of our collaborations with Cornell University and

Intrexon Corporation, stated Adam Gridley, President and Chief Executive Officer of Histogenics. We remain focused on our priority activities with the anticipated completion of enrollment in the NeoCart Phase 3 trial by end of the second

quarter of 2017, which leads to expected top-line data in the middle of 2018 and are rapidly turning our attention to the BLA submission based on those anticipated results, continued Mr. Gridley.

2016 and Recent Highlights

2017 Corporate Objectives

Financial Results for the Year Ended

Histogenics loss from operations was $(30.3) million for the year ended December 31, 2016, compared to $(31.8)

million for the year ended December 31, 2015. The decrease in operating expenses was driven by a reduction in research and development expense and partially offset by a small increase in general and administrative expenses.

Research and development expenses were $21.6 million for the year ended December 31, 2016, compared to $23.2 million for the year ended December 31,

2015. The decrease in expense was primarily due to a reduction in consulting, raw materials and patient recruiting expenses and was partially offset by an increase in clinical trial related expenses due to higher patient enrollment in the NeoCart

Phase 3 clinical trial in 2016. General and administrative expenses were $8.5 million for the year ended December 31, 2016, compared to $8.3 million for the year ended December 31, 2015. The increase was primarily due to higher personnel

and related costs as well as an increase in facility-related costs and was partially offset by a decrease in professional fees and consulting expense.

Basic net loss attributable to common stockholders was $(13.9) million for the year ended December 31, 2016, or $(0.97) per share, compared to $(32.0)

million, or $(2.42) per share, for the year ended December 31, 2015. The decrease in basic net loss attributable to common stockholders is primarily due to the change in fair value of the warrants issued as part of the financing that was

completed in September 2016 and reductions in operating expenses offset by increased expenses related to the financing. Diluted net loss attributable to common stockholders was $(31.4) million for the year ended December 31, 2016, or $(2.18)

per share, compared to $(32.0) million, or $(2.42) per share, for the year ended December 31, 2015. Diluted net loss attributable to common stockholders excludes the gain on fair value of warrant liability. The remaining difference between 2016

and 2015 is primarily due to increased expenses related to the financing, offset by a reduction in operating expense.

At December 31, 2016,

Histogenics had cash, cash equivalents and marketable securities of $31.9 million, compared to $30.9 million at December 31, 2015. Histogenics expects total operating expenses of between $25 and $27 million for the year ended December 31,

2017 and believes its current cash position will be sufficient to fund its operations into the middle of 2018.

Conference Call and Webcast Information

Histogenics management will host a conference call on Thursday, March 16, 2017 at 8:30 a.m. EDT. A question-and-answer session will follow

Histogenics remarks. To participate on the live call, please dial (877) 930-8064 (domestic) or (253) 336-8040 (international) and provide the conference ID 56826793 five to ten minutes before the start of the call.

A live audio webcast of the presentation will be available via the Investor Relations page of the Histogenics website, www.histogenics.com. A

replay of the webcast will be archived on Histogenics website for approximately 45 days following the presentation.

Histogenics is a leading regenerative medicine company developing and commercializing products in the musculoskeletal segment of the

marketplace. Histogenics regenerative medicine platform combines

expertise in cell processing, scaffolding, tissue engineering, bioadhesives and growth factors to provide solutions to treat musculoskeletal-related conditions. Histogenics first

investigational product candidate, NeoCart, is currently in Phase 3 clinical development. NeoCart is an autologous cell therapy designed to treat cartilage defects in the knee using the patient s own cells. Knee cartilage defects represent a

significant opportunity in the United States, with an estimated 500,000 or more applicable procedures each year. NeoCart is designed to exhibit characteristics of articular, hyaline cartilage prior to and upon implantation into the knee and

therefore does not rely on the body to make new cartilage, characteristics not exhibited in other current treatment options. For more information, please visit www.histogenics.com.

Forward-Looking Statements

Various statements in this

release are forward-looking statements under the securities laws. Words such as, but not limited to, anticipate, believe, can, could, expect, estimate,

design, goal, intend, may, might, objective, plan, predict, project, target, likely, should,

will, and would, or the negative of these terms and similar expressions or words, identify forward-looking statements. Forward-looking statements are based upon current expectations that involve risks, changes in

circumstances, assumptions and uncertainties.

Important factors that could cause actual results to differ materially from those reflected in

Histogenics forward-looking statements include, among others: the timing and success of Histogenics NeoCart Phase 3 clinical trial; possible delays in enrolling the NeoCart Phase 3 clinical trial; the ability to obtain and maintain

regulatory approval of NeoCart or any product candidates, and the labeling for any approved products; the scope, progress, expansion, and costs of developing and commercializing Histogenics product candidates; the ability to obtain and

maintain regulatory approval regarding the comparability of critical NeoCart raw materials; the size and growth of the potential markets for Histogenics product candidates and the ability to serve those markets; Histogenics expectations

regarding its expenses and revenue; the sufficiency of Histogenics cash resources and the availability of additional financing on commercially reasonable terms; the early stage of development of the technologies on which Histogenics

channel partnering agreement with Intrexon Corporation is based; the additional expenses that Histogenics will incur in connection with its exclusive channel collaboration agreement with Intrexon Corporation and other factors that are described in

the Risk Factors and Management s Discussion and Analysis of Financial Condition and Results of Operations sections of Histogenics Annual Report on Form 10-K for the year ended December 31, 2015 and Quarterly

Report on Form 10-Q for the quarter ended September 30, 2016, which are on file with the SEC and available on the SEC s website at www.sec.gov. Additional factors may be set forth in those sections of Histogenics Annual Report on

Form 10-K for the year ended December 31, 2016, to be filed with the SEC in the first quarter of 2017. In addition to the risks described above and in Histogenics annual report on Form 10-K and quarterly reports on Form 10-Q, current

reports on Form 8-K and other filings with the SEC, other unknown or unpredictable factors also could affect Histogenics results.

assurance that the actual results or developments anticipated by Histogenics will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Histogenics. Therefore, no assurance can be given that

the outcomes stated in such forward-looking statements and estimates will be achieved.

All written and verbal forward-looking statements attributable to

Histogenics or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Histogenics cautions investors not to rely too heavily on the forward-looking statements

Histogenics makes or that are made on its behalf. The information in this release is provided only as of the date of this release, and Histogenics undertakes no obligation, and specifically declines any obligation, to update or revise publicly any

forward-looking statements, whether as a result of new information, future events or otherwise.

HISTOGENICS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

thousands, except share and per share data)

HISTOGENICS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

thousands, except share and per share data)

Tel: +1 (781) 547-7909