Kerecis Inc., a Reykjavik, Iceland based developer of tissue-regeneration technologies, has successfully closed a seed financing round with the New Business Venture Fund.
The fund, an independent investment investor owned by the Icelandic government, will receive 35% of the share capital in Kerecis through the subscription of new shares.
The financing, a mixture of equity and debt, will be used for the development of the company’s tissue-regeneration technologies through development and into clinical tests.
Kerecis is involved in the research, development and production of tissue-regeneration products that can be used in reconstructive, soft- and hard-tissue surgical procedures. The patent-pending Kerecis technology is currently in the development stage.
According to Gudmundur F. Sigurjonsson, Kerecis Founder and Chairman of the Board: “The investment from the New Business Venture Fund will allow us to maintain the momentum in the development work with the goal of pursuing marketing relationships within 12 to 18 months”.