The investment from the State of Texas brought total Series B funding to $14.5M, which will be used for product development, clinical trials and regulatory submissions required to obtain CE Mark and FDA approval for the transdermal patch. As part of the State’s investment, Joseph Siletto, Venture Partner at Sweet Water Capital, will be added to Fe3’s Board of Directors as a representative for the State of Texas.
Led by Mark Sieczkarek, CEO, Fe3 Medical is developing a transdermal patch that delivers iron across the skin for patients suffering from iron-deficiency anemia. The Fe3 patch offers an alternative to oral iron for the nearly half of patients who cannot tolerate gastrointestinal side effects of iron pills such as constipation, diarrhea, nausea and bloating.
The State of Texas originally invested $2.8M in Fe3 Medical in 2010, through its Emerging Technology Fund when the company was relocated from InCube’s Silicon Valley lab to its San Antonio facility.
In addition to the State of Texas, current investors included Jianmin Pharmaceuticals, Hua Gai Medical, PingAn Ventures and InCube Ventures.