Maggot enzyme in wound-cleaning product Aurase powers Cambridge biotech start-up SolasCure to £15m Series A raise
Cambridge biotech start-up SolasCure has completed a £15million Series A raise to support the development of its wound-cleaning product Aurase, which contains an enzyme cloned from medical maggots.
The company attracted industry veterans, an institutional venture and strategic investors into the round.
From its base at Wellington House, in East Road, the company is developing proprietary technology that uses biomimicry to help treat patients with chronic wounds. Aurase, the company’s first investigational product, is an enzyme-powered hydrogel.
The round began with investment from BRAIN Biotech AG - SolasCure’s largest shareholder - and concluded with UK investment management business Seneca Partners.
Other notable investors to date include Bionova Capital, serial entrepreneur and Abcam founder Jonathan Milner, strategic investor EVA Pharma, the Development Bank of Wales, and François Fournier, former lead of Smith & Nephew’s advanced wound care division.
Dr Sam Bakri, founder and CEO of SolasCure, said: “We are delighted to have completed our Series A round, which will help us to move onto the clinical trial stages of product development. We are excited to be working with such knowledgeable and specialist investors, as they join us on our mission to support healthcare professionals with wound care products that significantly improve the health and wellbeing of patients with chronic wounds.”
Matt Currie, investment director at Seneca, said: “We are delighted to support SolasCure as part of this latest funding round. The team they have brought together are truly world-class, producing ground-breaking work in the wound care sector. Practitioners are crying out for a high-quality solution that can be transported, stored, and administered in an efficient and effective way, something severely lacking in the treatments available at present. We believe SolasCure’s Aurase product has the potential to become the go-to solution in this space”.
The GS Verde Group acted as advisors to the fundraise.