Eirion Therapeutics, Inc., a Woburn, Mass.-based aesthetic dermatology company, raised $40M in Series A funding.
The company closed a deal with Shanghai Haohai Biological Technology Ltd., that will result in a $32m Series A Preferred Stock investment into Eirion along with exclusive licenses that will be for all of Eirion’s products for the territory of China in exchange for an upfront payment in the amount of $8m. The deal is structured in segments over the next approximately 18 months.
Haohai, a Chinese aesthetic medicine company headquartered in Shanghai and is publicly traded on the Hong Kong (6826.HK) and Shanghai (688366.SS) stock exchanges, is investing $31m and a US investor is co-investing $1m in Eirion that in aggregate will obtain a minority stake in the company. Eirion has been funded previously through approximately $11m of convertible notes which will convert into Series A Preferred Stock in connection with Haohai’s investment.
Led by Jon Edelson, MD, Chairman, CEO, and President, Eirion Therapeutics is a clinical stage biopharmaceutical company that is developing next-generation prescription products for aesthetic dermatology. The company currently has a rich pipeline of products focusing on treatments for wrinkles, primary axillary hyperhidrosis, androgenic alopecia, and hair greying. In the future, Eirion plans to also pursue additional indications that address other major unmet clinical needs for physicians and their patients.