£733k invested via Seneca EIS Portfolio Service and £500K via Seneca Growth Capital VCT
Seneca Partners (Seneca), the specialist SME investment business based in the North West, has invested £1.2m into biotech company, SolasCure to support the development of their wound cleaning product, Aurase® through the Seneca EIS Portfolio Service and Seneca Growth Capital VCT.
Seneca’s investment comes as SolasCure is developing proprietary technology leveraging biomimicry and evidence-based medicine to empower health care professionals to treat patients with chronic wounds. Their first investigational product, Aurase®, is a hydrogel containing an enzyme cloned from medical maggots that can be used to support healthcare professionals treating patients with chronic wounds.
Matt Currie, Investment Director at Seneca Partners commented: “SolasCure has the key characteristics of an innovative, young business that the Seneca seeks to invest in. This is a world-class team, producing ground-breaking work in the wound care sector. They have developed 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.”
Dr. Sam Bakri, Executive Chairman 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.”
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