Tenant Company and longstanding friend of Connect, biotechnology company SiSaf, has closed a $4.3 million (€3.7 million) interim investment round to bring total fundraising to date to over $13 million.
The company, based here at Catalyst Inc, has developed a transdermal drug delivery system with potential applications in the treatment of skin conditions. It intends is to use the capital to drive manufacturing capability in dermatology, cosmetic skin care and other therapeutic areas.
The funding round was by Vickers Venture Partners with additional participation from Invest NI and Innovation Ulster.
SiSaf, which was founded and is led by Suzanne Saffie-Siebert, has created a revenue generating bio-courier technology branded as ProSilic that is based on a patented hybrid of porous silicon and liposomes.
“There are many molecules in medical use today that have not reached their full therapeutic potential due to inherent limitations, such as limited efficacy, poor solubility, stability, or side effects. We don’t discover new drugs. Instead, we make existing drugs better, by formulating them with our ProSilic bio-courier technology,” said Ms Saffie-Siebert.
Vickers previously led a $3.5 million Series A round for the company in September 2016. Other investors in the company include SVG Partners, of which the Irish Technology Leadership Group’s president John Hartnett is a partner.
“We look for sustainable business models with competitive edge and leaders with strength of character. Platform plays are key to our portfolio risk mitigation when we are investing,” said Vickers vice president Elkhalil Binebine.
“SiSaf optimises this model; their unique technology has so many potential applications it’s astonishing. The data in multiple areas is incredibly compelling and we are convinced they will change the face of drug delivery,” he added.
Congratulations to the SiSaf team.