Elastagen Pty Ltd, a Sidney, Australia-based clinical stage medical company developing products based on a proprietary recombinant human tropoelastin platform technology, closed an A$13m Series B financing round.
Backers included new investors Korea Investment Partners (KIP), Amorepacific Ventures, and the Wellcome Trust as well as existing investors Brandon Capital Partners, GBS Ventures and ATP Innovations.
The company intends to use the funds to progress the development of its lead products through clinical and commercial milestones.
Led by Robert Daniels, CEO, Elastagen is applying its tropoelastin platform technology to three main products areas including atrophic scars such as stretch marks and acne scars, derm-aesthetics, and tissue repair.
The company is set to initiate a clinical trial to evaluate the safety and efficacy of an intradermal tropoelastin implant for its ability to reduce the appearance of stretch marks (striae distensae alba). It is also developing a skin rejuvenation injectable aimed at the improvement of the skin’s physical properties.
The third development program, which has had support from both the Wellcome Trust and the NSW Department of Health Medical Device Fund, is a novel tropoelastin product to support the repair of full thickness skin wounds.
FinSMEs
07/01/2016