SolasCure announces £10.9m Series B fundraise to advance wound care innovation
posted 3rd April 2023
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 £10.9m Series B investment round, a deal advised on by the GS Verde Group.
The investment supports development of SolasCure's first investigational product, Aurase Wound Gel, a hydrogel containing an enzyme cloned from medical maggots which aims to accelerate wound debridement, now 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."
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.
GS Verde advised throughout the deal, and has worked with SolasCure continuously as the company progresses development of Aurase Wound Gel.
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