MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--April 26, 2004--Essentia Biosystems, Inc., a private pharmaceutical company, announced the completion of a $13 million Series B financing. The company is focusing on the development and commercialization of the next generation of aesthetic and therapeutic dermatology products with pipeline programs in facial aesthetics, hyperhidrosis, and regulation of fat to enhance skin and body contour.
"This financing enables us to aggressively develop our initial therapeutic products which we believe will create an immediate impact in the aesthetic and dermatology markets," said Dan Browne, Chairman and Chief Executive, of Essentia. "We are pleased to have received enthusiastic support for our proprietary platform technologies from an outstanding group of life science investors who understand the breadth and potential of our technology."
The Series B financing was led by Essex Woodlands Healthcare Ventures. In addition to Essex Woodlands, Biotechnology Development Fund IV (managed by BioAsia Investments), Technology Partners, existing investors and the company's management participated in the financing.
"The loss of collagen, elastin and hyaluronic acid, leads to the development of aged skin. Although successful products are available to replace collagen and hyaluronic acid, Essentia is the very first company to develop technology to promote new elastin, which gives skin improved contour and its ability to bounce back. The addition of this product and other Essentia products to the armentarium of dermatologists will be intensely welcomed by dermatologists and patients alike," stated Leslie S. Baumann, M.D., Chief: Division of Cosmetic Dermatology at the University of Miami.
"Essentia's scientific and product development expertise is impressive, particularly in the areas of novel transdermal delivery and tissue remodeling strategies. Our investment reflects a strong vote of confidence in Essentia, its ability to implement the clinical and business development plan, and our desire to invest in building a unique and powerful dermatology franchise," stated Doug Eplett, M.D., managing director of Essex Woodlands Healthcare Ventures.
"Essentia has demonstrated the ability to rapidly develop innovative dermatologic product concepts and move very quickly to clinical proof of concept," added Frank Kung, Ph.D., managing member of BioAsia Investments.
"We have been excited with the development progress and the compelling data the Essentia team has generated. Essentia's approach to delivering biologically active proteins and other large compounds from an entirely transdermal, molecular-based approach is a major advance," said Jim Glasheen, Ph.D., partner of Technology Partners.
About Essentia Biosystems
Essentia Biosystems is a private pharmaceutical company devoted to creating the next generation of aesthetic and therapeutic dermatology products with pipeline programs in facial aesthetics, hyperhidrosis, melanoma, and regulation of fat metabolism to enhance skin and body contour. Located in Mountain View, California, the Company's pharmaceutical development programs are focused on integrating patented, proprietary transdermal molecular delivery and innovative tissue remodeling agents for the treatment of dermatologic conditions. For further information, please contact email@example.com.
Essentia Biosystems, Inc. Dan Browne, 650-938-1544