Kerecis, a Reykjavik, Iceland and Arlinton, VA-based developer of fish-skin wound treatment, completed a $16m Series C funding round.
The company sold shares valued at $10m to new and existing investors. In addition, promissory notes in the principal amount of about $6m were converted into equity at the time of closing in accordance with the terms of the notes.
The company will use the proceeds to conduct sales and marketing activities especially in the U.S. and Switzerland.
Led by G. Fertram Sigurjonsson, founder and CEO, Kerecis develops patented fish-skin products to heal human wounds and tissue damage. The company’s fish skin retains its similarity to human skin, making it an ideal substitute for it, and contains Omega3 fatty acids, which enhance wound healing.
The Kerecis products are currently being used to regenerate tissue in trauma and chronic wounds such as burns and diabetic wounds. The company is also developing products for areas such as oral surgery, plastic surgery and neurological applications.