Upside Biotechnologies, a regenerative medicine start-up, said it has successfully raised $2.3 million in its Series A funding round.
The Auckland-based company is developing an advanced, world-class skin replacement treatment for patients suffering major burns. The capital raised will be used to complete development of the product, demonstrate proof of concept, ready the product for its first human trial and forge links and explore market opportunities in the US, chief executive Robert Feldman said in a statement.
The largest investor in the latest funding round is ICE Angels Nominees, which represent investment from both ICE Angels Individuals and Tuhua Ventures. Other major investors include the University of Auckland Inventors Fund, Cure Kids Ventures and the New Zealand Venture Investment Fund.
Upside is developing a treatment for severe burns that takes a small sample of unburnt patient skin and grows it into differentiated, graftable skin in order to cover the patient’s own burns. According to the company, its engineered skin is produced faster than any competitive pipeline product, it is supplied in bigger sheets and has good handling characteristics.
Upside estimates that the global regenerative medicines market is projected to reach US$30 billion by 2022