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SolasCure announces pivotal financing round for hydrogel

The company is developing a therapy containing an enzyme cloned from medical maggots.

SolasCure – a company developing a hydrogel – has announced the completion of its £10.9m series B investment round.

The financing round was led by Seneca Partners and included industry veterans as well as institutional venture and strategic investors, including EVA Pharma, Wealth Club and BRAIN Biotech.

The company’s first investigational product – Aurase Wound Gel – is a hydrogel containing an enzyme cloned from medical maggots. The therapy aims to accelerate wound debridement and is due to enter further phase 2 efficacy-supporting studies.

Pre-clinical trial results of Aurase Wound Gel demonstrated evidence that supports its new enzymatic debridement product, showing it to have a good safety profile – both locally and systemically – which opens up a considerable therapeutic window.

The data has permitted SolasCure to test the enzyme on real patients with ulcers. Indeed, ensuing trials will include a more diverse patient group compared to the safety study and SolasCure is hopeful that the results will continue to show how its technology supports healthcare professionals in treating patients with severe wounds.

Matthew Currie, investment director, Seneca Partners, was optimistic about the results: “We are delighted to continue to support SolasCure through its latest funding round, following the impressive progress and positive results to the date shown by the Aurase Wound Gel.”

He added: “We recognise great potential in the company and support its mission to develop a potentially disruptive medical product that could displace its main competitor and achieve global commercial market success.”

Dr Sam Bakri, founder and chief executive officer, SolasCure, concluded: “We would like to thank investors in our series B round for continuing to support us as we progress our clinical development programme and focus on developing the efficacy of Aurase Wound Gel.

“We are excited to be working with such an experienced team, whose specialist knowledge is greatly valued in our mission to support healthcare professionals with wound care products that significantly improve outcomes for patients with chronic wounds.”

SolasCure was formed in 2017 as a spin-off from BRAIN Biotech – a leading German biotech company focused on biological diversity.