Contact Information: For further information, contact: Gudmundur F. Sigurjonsson Chairman of the Board, Kerecis ehf. Phone (Iceland) +354 8494960 / (U.S.) (703) 879-6535 E-mail:
Kerecis Closes Start-Up Financing Round With the New Business Venture Fund
| Source: Kerecis
REYKJAVIK, ICELAND and ISAFJORDUR, ICELAND--(Marketwire - January 4, 2010) - Kerecis, the
emerging tissue-regeneration company, has successfully closed a seed
financing round with the New Business Venture Fund. The Fund, an
independent investment entity owned by the Icelandic government, will
receive 35 percent of the share capital in Kerecis through the subscription
of new shares. The financing received is a mixture of equity and debt. The
money will be used for the development of the company's novel
tissue-regeneration technologies through development and into clinical
tests.
Kerecis is involved in the research, development and production of
tissue-regeneration products that can be used in reconstructive, soft- and
hard-tissue surgical procedures. For regulatory purposes, the company's
technology is classified as a medical device. The patent-pending Kerecis
technology is currently in the development stage. The Kerecis team consists
of experienced executives with proven track records in the development of
medical device businesses, in clinical development and in the protection of
intellectual property.
Comments:
Gudmundur F. Sigurjonsson, Kerecis Founder and Chairman of the Board:
"Kerecis has, in a short time, developed prototypes of its novel
tissue-regeneration products that have already gained the interest of
possible marketing partners in the U.S. The investment from the New
Business Venture Fund will allow us to maintain the momentum in the
development work with the goal of pursuing marketing relationships within
12 to 18 months."
Dr. Baldur Tumi Baldursson (MD), Kerecis Co-Founder and Medical Director:
"The Kerecis technology uses proprietary technology based on fish-derived
proteins to heal hard and soft tissues. Our initial clinical investigations
indicate that the technology is particularly well-suited to help the
healing process in damaged tissue. The investment from the New Business
Venture Fund will allow us to continue the momentum in our research and
undertake human clinical trials already in 2010."
About Kerecis
Kerecis ehf (http://www.kerecis.com) is a recently incorporated company
founded to develop novel tissue-regeneration technologies based on
proprietary fish-derived protein technologies.
New Business Venture Fund
The New Business Venture Fund (http://www.nsa.is) is a capital investor
that takes an active part in business development and growth in Iceland by
investing in innovative and pioneering firms holding promise. The New
Business Venture Fund is an independent entity owned by the government of
Iceland.