Kerecis Completes Interim Financing

Reykjavik/Isafjordur, Iceland, May 24, 2011 – Kerecis Limited, the emerging tissue-regeneration company, has secured US$ 1 million in interim financing.

The US$ 1 million financing is a mixture of equity, grants and debt and is provided by a group of existing and new stakeholders.

Kerecis is the developer of the MariGen and MariCell technology that is based on the utilization of fish skin across a range of medical device applications including chronic wound care and hernia repair.

Statistics show a large need for improved wound-care technologies. Each year about 6 million Americans suffer from problem wounds caused by diabetes, circulatory problems and other conditions, with 1.1 to 1.8 million new cases added each year.

More than 20 million Americans have diabetes, almost 20 percent of whom are over the age of 60. Fully 15 percent of all diabetics develop problem wounds, and more than 100,000 diabetics undergo amputation each year because of such wounds in the United States alone.

G. Fertram Sigurjonsson, Kerecis Founder and CEO:
“The development of our first applications is now well advanced and we are well underway with the first clinical trials that will establish the clinical efficacy of our technology. The interim financing will enable us to complete the clinical trials and file for regulatory clearance for the first product with the FDA as well as CE mark products for the European, Canadian, New Zealand and Australian markets.”