Medical Fish Skin Company Kerecis Limited Completes $16 Million Series C Offering
Arlington, VA and Reykjavik, Iceland – June 12, 2019 — 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.