SolasCure Announces Final Closing of £10.9m Series B Fundraise to Advance Wound Care Innovation
SolasCure, a biotechnology company developing a hydrogel containing a recombinant enzyme derived from maggots which aims to accelerate wound debridement, has announced the completion of its GBP £10.9m (c. USD $13.3m) Series B funding round. The funding round was led by Seneca Partners and also included industry veterans, institutional venture and strategic investors, including BRAIN Biotech AG, EVA Pharma, Jonathan Milner, and Wealth Club.
SolasCure’s first investigational product, Aurase Wound Gel, a hydrogel containing an enzyme cloned from medical maggots which aims to accelerate wound debridement, is due to enter further Phase II efficacy-supporting trials. The next phase of trials will include a larger and more diverse patient group compared to the Phase IIa safety study. The Company is hopeful that the results will continue to demonstrate how its innovative technology supports healthcare professionals treating patients with chronic wounds.
The pre-clinical trial results of SolasCure’s Aurase Wound Gel, published in the International Wound Journal, showed preliminary evidence that supports its new enzymatic debridement product for use in chronic wounds. The enzyme is shown to have a good safety profile, both locally and systemically, which opens up a large therapeutic window. This has permitted SolasCure under regulatory review to test the enzyme on real patients with ulcers. SolasCure recently completed its CLEANVLU proof-of-concept first-in-man Phase IIa safety study examining the use of Aurase Wound Gel in chronic venous leg ulcer subjects. Results are now being collated and analysed, and more information will be available in the near future.
Dr Sam Bakri, Founder & CEO, SolasCure, said: “We would like to thank investors in our Series B round for continuing to support us as we progress our clinical development programme and focus on developing the efficacy of Aurase Wound Gel. We are excited to be working with such an experienced team, whose specialist knowledge is greatly valued in our mission to support healthcare professionals with wound care products that significantly improve outcomes for patients with chronic wounds.”
Matthew Currie, Investment Director, Seneca Partners, added: “We are delighted to continue to support SolasCure through its latest funding round, following the impressive progress and positive results to date shown by the Aurase Wound Gel. We recognise great potential in the Company and support its mission to develop a potentially disruptive medical product that could displace its main competitor and achieve global commercial market success.”
SolasCure was founded in 2017 as a spin-off from BRAIN Biotech AG, a leading German biotech company focused on harnessing biological diversity to develop innovative solutions.
Adriaan Moelker, CEO, BRAIN Biotech, commented: “We have been very pleased with the progress made by SolasCure during the clinical trial towards bringing this truly meaningful solution to patients. Our commitment to the Company is unchanged and we were happy to participate in the latest funding round.”
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