Kerecis Limited, an Isafjordur and Reykjavik, Iceland-based tissue-regeneration company, raised US$1m in Series A2 funding.
The financing, comprised of equity and grants, was provided by (undisclosed) existing and new stakeholders.
The companyy intends to use the funds to complete the clinical trials required to gain regulatory approval for the wound-treatment indication of MariGen Omega3 in the United States, as well as to expand the marketing efforts for its first product in CE marking regulated markets.
Led by Gudmundur Fertram Sigurjonsson, Executive Chairman, Kerecis develops the MariGen Omega3 tissue-regeneration technology, a decellularized fish skin with cells and antigenic materials removed. Fish skin is made from the same material as human skin, with the addition of polyunsaturated fatty acids.
MariGen Omega3, whose patents are pending in countries around the world, is applied to tissue damage areas where it recruits the body’s own cells and is incorporated into the wound and converted into functional, living tissue.
The company recently signed an agreement with Mundelein, Illinois-based Medline Industries to sell products that uses the MariGen Omega3 regenerative technology for the management of chronic wounds, including diabetic, vascular and other hard-to-heal wounds.
Initially, Medline will sell the products in the United Kingdom and several Middle Eastern countries.