Haydock-based finance firm Seneca Partners has participated in a £15m Series A funding round for biotech start-up SolasCure.
The investment will support the development of its wound cleansing product, Aurase.
The Cambridge-based biotech company has successfully completed its £15m Series A fundraising round, with funding from industry veterans, institutional investors and strategic investors.
SolasCure is developing proprietary technology leveraging biomimicry and evidence-based medicine to enable healthcare professionals to treat patients with chronic wounds.
Its first experimental product, Aurase, is a hydrogel containing an enzyme cloned from medical maggots that can be used to support healthcare professionals treating patients with chronic wounds.
Dr. Sam Bakri, Founder and CEO of SolasCure, said, “We are delighted to have completed our Series A cycle, which will help us move into the clinical trial stages of product development.
“We are delighted to work with such knowledgeable and specialized investors, as they join us in our mission to support healthcare professionals with wound care products that significantly improve the health and well-being of patients suffering from pain. chronic wounds.
The increase started with the investment of BRAIN Biotech AG, which is the main shareholder of SolasCure.
Adriaan Moelker, Managing Director of BRAIN Biotech AG, said: “It was an encouraging sign for all partners that SolasCure was able to successfully close another funding round with growing pre-money valuation during the pandemic.
“We continue to be committed to supporting SolasCure in bringing the innovative Aurase wound debridement enzyme to market.”
The round was completed following the investment of Seneca Partners. Matt Currie, Chief Investment Officer at Seneca, said, “We are delighted to support SolasCure in this latest funding round.
“The team they have assembled is truly world class, producing groundbreaking work in the wound care industry.
“Practitioners are demanding a high-quality solution that can be transported, stored and administered effectively and efficiently, which is sorely lacking in treatments available today.”
He added, “We believe SolasCure’s Aurase product has the potential to become the go-to solution in this area.”
In addition to investments from BRAIN Biotech AG and Seneca Partners, other notable investors to date include Bionova Capital, experienced entrepreneur and life sciences angel investor Jonathan Milner – founder of Abcam – strategic investor EVA Pharma , the Development Bank of Wales, as well as François Fournier, former head of the Advanced Wound Care division of Smith & Nephew.
The GS Verde Group acted as fundraising advisor.