ScarX Therapeutics, a Toronto, Canada-based biotechnology company commercializing innovative treatments for dermal scarring (fibrosis), closed a $2m Series A financing.
Backers included Accel-Rx Health Sciences Accelerator, BDC Capital, MaRS Innovation and others.
The company intends to use the funds to complete a Phase I, single-site clinical trial to establish a safety profile for SCX-001, a nefopam topical cream designed to reduce post-surgical scarring and improve wound healing following surgical wound closure, while integrating secondary observational endpoints to provide efficacy signals. Twenty-four subjects will participate in the trial, which will take 18 months.
Led by Dr. Benjamin Alman, scientific founder and chief science officer, and Stephen Whitehead, president and CEO, ScarX Therapeutics is built upon Dr. Alman’s 30-year research career and based upon the novel finding that nefopam, a well-characterized small molecule, modulates a protein called beta-catenin that is associated with hypertrophic or excessive scarring in humans. The molecule, originally developed as a prescription oral and IV analgesic in Europe over 30 years ago, had never been applied to dermal scarring until Dr. Alman discovered this new application. He invented the technology while at The Hospital for Sick Children (SickKids).
Spun-off as an Ontario-based company by MaRS Innovation and SickKids, the company had previously raised $1.7m in dilutive and $1m in non-dilutive funding to develop its lead candidate and complete pre-clinical studies.