Kerecis, the medical fish skin company, just announced a $16m series C financing. The company sold new shares to the value of $10m, and converted $6m of promissary notes at the time of closing. According to the statement issued, the fundraise was oversubscribed. After the funding round, founders and related parties retain about a one-third share ownership in the company.
“Fish skin is becoming a mainstream therapy for treating severe wounds, including diabetic wounds,” commented founder and CEO of Kerecis G.Fertram Sigurjonsson. “The funds from the Series C offering will allow us to continue our rapid growth and improve medical care for patients suffering from terrible wounds, which too often lead to amputations.”
The funds will be used primarily to fund sales and marketing efforts in the US and Switzerland.
Kerecis develops patented fish-skin products to heal human wounds and tissue damage. Because no disease-transfer risk exists between cold-water fish and humans, the Kerecis fish skin is only gently processed and retains its similarity to human skin, making it an ideal substitute for human skin. Fish skin also contains Omega3 fatty acids, which enhance wound healing. More than 50 studies have been done on the Kerecis technology.
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