Spiderwort, an Ottawa, ON, Canada-based biotech company, raised USD13.2M in Series A funding.
The round was led by Horizons Ventures with participation from K5 Global, BoxOne Ventures and Break Off Capital, as well as the Capital Angel Network, Anges Québec and other undisclosed investors.
The company intends to use the funds to support the transition from pre-clinical studies to the clinical trials that are critical to bringing its biomaterial to market.
Led by CEO Charles M. Cuerrier, and CSO Dr. Andrew E. Pelling, Spiderwort is a biotech company innovating in cellulose-based tissue scaffolding to treat acute spinal cord injuries. Spiderwort, whose innovative biomaterials received a “Breakthrough Device Designation” by the U.S. Food and Drug Administration (FDA), uses plant-derived scaffolding to create a structure for real tissue to grow. The company has two core products currently under development:
- CelluBridge™ is a proprietary cellulose-based biomaterial that promotes the repair and regeneration of the spinal cord.
- CelluJuve™ is a cellulose-based dermal filler that can address different patient use cases including injury recovery and cosmetic enhancement.