Cambridge, UK-based biotechnology company, SolasCure raised GBP 10.9 million (USD 13.3 million) in Series B funding. The round took place on March 27, 2023. Seneca Partners led the financing for the company. Meanwhile, industry veterans, institutional ventures and strategic investors, such as BRAIN Biotech AG, EVA Pharma, Jonathan Milner, and Wealth Club, joined in the funding.
Purpose of financing for SolasCure
With the latest capital injection from Series B, SolasCure seeks to support the development of the Aurase Wound Gel.
It also has plans to progress toward further Phase II clinical trials of innovative wound debriding enzymes.
What the CEO has to say
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.”
What the investor has to say
Matthew Currie, Investment Director, Seneca Partners, further added, “We are delighted to continue to support SolasCure through its latest funding round, following the impressive progress and positive results to the 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.”
What the Brain Biotech CEO has to say
In addition, 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. We were happy to participate in the latest funding round.”
About the company
In 2017, Founders Benjamin Newmark and Sam Bakri launched the company. The UK-based biotech startup is a spin-off from BRAIN Biotech AG, a leading German biotech company focused on harnessing biological diversity to develop innovative solutions.
SolasCure is developing a hydrogel containing a recombinant enzyme derived from maggots. It further aims to accelerate wound debridement. SolasCure launched its first investigational product, Aurase Wound Gel. It is a hydrogel containing an enzyme cloned from medical maggots seeking to accelerate wound debridement. The product is due to enter further Phase II efficacy-supporting trials. The next phase of trials includes a larger and more diverse patient group compared to the Phase IIa safety study.
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