SOURCE: Kerecis

Kerecis

May 24, 2011 14:28 ET

Kerecis Completes Interim Financing

REYKJAVIK, ICELAND and ISAFJORDUR, ICELAND--(Marketwire - 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.

Comments:

G. Fertram Sigurjonsson, Kerecis Co-Founder and Executive Chairman of the Board:

"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."

About Kerecis

Kerecis (http://www.kerecis.com) is a development and manufacturing business producing a novel, patent-pending tissue-regeneration material derived from fish skin to accelerate the healing of wounds and tissue reconstruction. Kerecis' material addresses the large unmet need of the double-digit growth biologics segment of the chronic-wounds and hernia-repair markets. The material offers advantages over existing human- and porcine-derived products, including improved manufacturing economics and lower risk of disease transfer. Since it is derived from fish, the material is both kosher and halal compatible, eliminating cultural and religious constraints on usage, with equivalent or better clinical performance. For more information, e-mail info@kerecis.com or call 703-879-6535 (U.S.) or 354-8494960 (Iceland).

Contact Information

  • For further information, contact:
    G Fertram Sigurjonsson
    Chairman
    Kerecis ehf.
    Phone (Iceland) +354 8494960 / (U.S.) (703) 879-6535
    E-mail: Email Contact