Scioderm, a company developing novel dermatology therapeutics, today announced the completion of a Series A financing commitment totaling $16 million. Morgenthaler Ventures led the Series A financing, with Technology Partners as the second investor participating in the round.
With the proceeds from the Series A investment, Scioderm intends to advance SD-101, a topical cream with a unique mechanism of action, into clinical development through registration for the treatment of the severe skin effects seen in patients across all EB subtypes. EB is a rare genetic condition that in all of its forms, share the prominent manifestation of extremely fragile skin that blisters or tears with the slightest friction or trauma. This particular manifestation has led to EB patients being known as "Butterfly children" due to the analogous nature of the fragility of the skin to the wings of a butterfly. As of today there is no cure or effective treatment. Wound care, pain management and preventative bandaging are the only options available for caregivers, who are usually the parents or other family members. The more severe forms of the disease lead to scarring, disfigurement, disability and early death, usually before the age of 30.
"I am very pleased to have Morgenthaler Ventures and Technology Partners as investors as we continue the development of SD-101 in this serious medical condition. We are fortunate to have Dr. Chris Christoffersen and Dr. Roger Quy , who are seasoned industry professionals with track records of successful investments, join as members of Scioderm's Board of Directors," said Robert Ryan , Ph.D., Chief Executive Officer and Co-Founder of Scioderm. "Treatment of the debilitating skin effects seen in EB patients is a significant unmet need, and we believe that SD-101 has the potential to change the course of treatment in this disease. In order to expedite the development program of SD-101, we are planning over the next few months to identify investigators and potential patients interested in participating in our upcoming clinical study, which we anticipate to begin in the fall of 2013."
"While there are no effective treatments for EB currently, the early clinical results that have been recently observed by Scioderm collaborators give us confidence that an effective treatment is possible, and we are pleased to be investing along with Technology Partners and a very experienced management team hopefully to make such a treatment available for patient use in the near future" said Ralph (Chris) Christoffersen , Ph.D. Partner of Morgenthaler Ventures and Head of the Life Sciences Team.
"We are pleased to be able to contribute to a treatment for such a devastating disease in children," said Roger Quy , Ph.D., General Partner of Technology Partners. "Our investment in Scioderm is supported by our confidence in the experience of the founding team and early clinical results."
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