A Baltimore based biotech start-up, LifeSprout, has closed a $28.5million round of series A financing as it prepares for the launch of clinical trials later in the year.
This new round was led by Redmile Group LLC from San Francisco and included participation from Emerald Development Managers LP, Camden Partners, Nexus Management and the Abell Foundation. It follows on from a $6.5 million seed round back in 2018 in 2018, led by South Korean firm Medytox Investments.
Longevity.Technology: Advanced cosmetics and tissue regeneration have enormous capacity for growth. The successful closure of this latest round of funding shows that investor confidence remains strong and that companies are still managing to maintain research and development throughout the restrictions.
LifeSprout is leading the way in advanced cosmetics with its Regenerative Matrix Platform which uses specially engineered materials which are designed to look and feel like natural tissue. Its first product, Lumina is a dermal filler for aesthetic use and the company aims to help millions of people who experience soft tissue loss each year.
The new funding will be used to support the company as it moves Lumina through clinical trials over the course of the year with a view to launching during the final quarter of the current fiscal year.
The firm is also developing additional cell therapy products designed for a range of other regenerative uses for conditions which cause tissue loss, and for patients with orphan diseases.
Advanced cosmetics is a growing area of the Longevity sector. It recognises the value aesthetic treatments, which can replace tissue loss, have on a patient’s wellbeing and sense of self. The global market for tissue regeneration is growing rapidly. According to BCC Research, the market is expected to grow by more than 30% year on year for the period covering 2018 to 2023 from $24.7 billion in 2018 to $109.9 billion .
The future is bright, but what’s unclear at the moment is the degree to which the current Pandemic will impact activity and growth.
However, LifeSprout will be encouraged that investors are still showing an interest despite the current crisis. Dr Sashank Reddy, a plastic surgeon at John Hopkins University and co-founder of LifeSprout, praised investors for staying strong throughout this crisis and continuing to show confidence in the company.
The team, which currently has 12 employees, recently moved into the LaunchPort Accelerator space but is currently working remotely. This has slightly delayed clinical trials as the company waits to see when lockdown restrictions may be eased. In the meantime, it is taking the opportunity to conduct further research and develop other products in its pipeline.