Scioderm Closes $16 Million in Series A Financing
4/26/2013 7:07:00 AM
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DURHAM, N.C., April 26, 2012 /PRNewswire-iReach/ -- Scioderm, a company developing novel dermatology therapeutics, today announced the completion of a Series A financing commitment totaling $16 million. Morgenthaler Ventures led the Series A financing, with Technology Partners as the second investor participating in the round.
With the proceeds from the Series A investment, Scioderm intends to advance SD-101, a topical cream with a unique mechanism of action, into clinical development through registration for the treatment of the severe skin effects seen in patients across all EB subtypes. EB is a rare genetic condition that in all of its forms, share the prominent manifestation of extremely fragile skin that blisters or tears with the slightest friction or trauma. This particular manifestation has led to EB patients being known as "Butterfly children" due to the analogous nature of the fragility of the skin to the wings of a butterfly. As of today there is no cure or effective treatment. Wound care, pain management and preventative bandaging are the only options available for caregivers, who are usually the parents or other family members. The more severe forms of the disease lead to scarring, disfigurement, disability and early death, usually before the age of 30.
"I am very pleased to have Morgenthaler Ventures and Technology Partners as investors as we continue the development of SD-101 in this serious medical condition. We are fortunate to have Dr. Chris Christoffersen and Dr. Roger Quy, who are seasoned industry professionals with track records of successful investments, join as members of Scioderm's Board of Directors," said Robert Ryan, Ph.D., Chief Executive Officer and Co-Founder of Scioderm. "Treatment of the debilitating skin effects seen in EB patients is a significant unmet need, and we believe that SD-101 has the potential to change the course of treatment in this disease. In order to expedite the development program of SD-101, we are planning over the next few months to identify investigators and potential patients interested in participating in our upcoming clinical study, which we anticipate to begin in the fall of 2013."
"While there are no effective treatments for EB currently, the early clinical results that have been recently observed by Scioderm collaborators give us confidence that an effective treatment is possible, and we are pleased to be investing along with Technology Partners and a very experienced management team hopefully to make such a treatment available for patient use in the near future" said Ralph (Chris) Christoffersen, Ph.D. Partner of Morgenthaler Ventures and Head of the Life Sciences Team.
"We are pleased to be able to contribute to a treatment for such a devastating disease in children," said Roger Quy, Ph.D., General Partner of Technology Partners. "Our investment in Scioderm is supported by our confidence in the experience of the founding team and early clinical results."
SD-101 is a topical cream that has previously demonstrated potential to provide improvement in treating the severe skin effects seen in patients across all EB subtypes. An open- label Phase II study was conducted previously in children with either Simplex, Recessive Dystrophic (RDEB), or Junctional EB. The primary outcome measurements were assessment of target wound reduction and closure, and reduction in body surface area (BSA) coverage of lesions and erosions. In the clinical trial, SD-101 application resulted in complete closure of 88% of target chronic lesions within one month, in addition to a 57% reduction in BSA coverage of lesions and erosions after 3 months of daily treatment. SD-101 was well tolerated by the children, with daily administration up to 3 months.
Scioderm is a privately held, clinical-stage pharmaceutical company focused on developing topical products to address critical medical needs in the treatment of chronic skin diseases. Additional information about Scioderm can be found at www.sderm.com.
About Morgenthaler Ventures
Morgenthaler Ventures is a premier venture capital firm, dedicated to helping entrepreneurs build valuable companies for more than 40 years. They have invested in approximately 300 companies in the life science and information technology sectors. Their passion for supporting entrepreneurship and innovation has earned them the respect of entrepreneurs and investors alike.
Most life science investments are in early stage companies, and representative companies include: Ardian, Avidia, Calithera, CardioThoracic Systems, CareMedic, Elcelyx, Ensure, FoldRx, ForSight VISION2, Galleon Pharmaceuticals, GlobeImmune, Innovative Pulmonary Solutions, Integrated Vascular Systems, IPC The Hospitalist Company, Miramar Labs, Morphotek, Moximed, Nexis, OncoMed, Optiscan, Orexigen, Principia, Promedior, Perclose, Ra Pharma, Relievant, Ribozyme Pharmaceuticals, Second Genome, SetPoint Medical, Solta Medical, Spinewave, Stemgent, Tragara, Transcend Medical, Threshold Pharmaceuticals and Twelve, Inc..
Morgenthaler Ventures has offices in Menlo Park, CA, Boston, MA and Boulder, CO.
About Technology Partners
Founded more than 25 years ago and based in Palo Alto, California, Technology Partners is a venture capital firm with an investment focus in the life science and cleantech industries. The firm manages approximately $700 million in investment capital. Technology Partners' strategy is to team with visionary entrepreneurs to build successful companies, serving principally as a lead investor and business advisor. For more information, please visit www.technologypartners.com.
Dr. Robert Ryan
Chief Executive Officer
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including: our dependence on third parties for the development, regulatory approval and successful commercialization of our products, the inherent risk of failure in developing product candidates based on new technologies, risks associated with the costs of clinical development efforts, as well as other risks. Actual results may differ materially from those projected. These forward-looking statements represent our judgment as of the date of the release. Scioderm disclaims any intent or obligation to update these forward-looking statements.
Media Contact: Robert Ryan Scioderm, 919-274-0703, email@example.com
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