Medical Fish Skin Company Kerecis Limited Completes $16 Million Series C Offering
ARLINGTON, Va. and REYKJAVIK, Iceland, June 13, 2019 /PRNewswire/ -- Kerecis Limited, the company pioneering the use of fish skin in tissue regeneration, has completed a $16 million Series C funding round. The company sold shares valued at $10 million to new and existing investors. In addition, promissory notes in the principal amount of about $6 million were converted into equity at the time of closing in accordance with the terms of the notes. Requests for participation in the offering exceeded the shares available.
The proceeds will be principally used to fund the company's sales and marketing activities especially in the U.S. and Switzerland. After the closing of Series C round, the company founders and related parties retain about one-third ownership interest.
Kerecis develops patented fish-skin products to heal human wounds and tissue damage. Because no disease-transfer risk exists between cold-water fish and humans, the Kerecis fish skin is only gently processed and retains its similarity to human skin, making it an ideal substitute for human skin. Fish skin also contains Omega3 fatty acids, which enhance wound healing. More than 50 studies have been done on the Kerecis technology.
"Fish skin is becoming a mainstream therapy for treating severe wounds, including diabetic wounds. The funds from the Series C offering will allow us to continue our rapid growth and improve medical care for patients suffering from terrible wounds, which too often lead to amputations," said G. Fertram Sigurjonsson, founder and CEO of Kerecis.
"We are also committed to helping close the care gap for diabetic wounds. Research shows that, in the U.S., lower-income people are four times more likely to undergo amputations because of unhealed wounds than people with higher incomes," he added,
Kerecis is pioneering the use of fish skin and fatty-acids in the globally expanding cellular therapy and regenerative medicine market. The fatty-acid rich (including Omega3) products from the Company's patented technologies enable the body to regenerate tissues, rather than simply repair them and risk scarring.
The Kerecis products, which are based on Omega3 rich fish skin, are currently being used to regenerate tissue in trauma and chronic wounds such as burns and diabetic wounds. Kerecis is also developing products for areas such as oral surgery, plastic surgery and neurological applications.
The Company's mission is to extend human life by supporting the body's own ability to regenerate tissues and its vision is to become world leader in regenerating damage of the human body by sustainably harnessing nature's own remedies. For more information, visit www.kerecis.com.
In 2016 Kerecis was named Iceland's fastest growing company, and in 2017 and 2018, the second fastest growing company.
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