Kerecis completed a $16 million Series C funding round.
Kerecis Limited, a Reykjavik, Iceland and Arlington, VA, USA company pioneering the use of fish skin in tissue regeneration, announced the closing of a $16 million Series C funding round.
The deal involves selling 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.
The money will be 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, founded in 2011 and led by CEO G. Fertram Sigurjonsson, develops products based on Omega3 rich fish skin and being used to regenerate tissue in trauma and chronic wounds such as burns and diabetic wounds.
Kerecis is also developing products for areas such as oral surgery, plastic surgery and neurological applications. 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.