Regenerative tissue developer, Upside Biotechnologies, has raised NZ$2 million in a convertible note offer to progress the commercialisation of its technology.
Auckland-based Upside is developing an advanced skin replacement treatment for patients suffering major burns. Earlier this year US-based Medical Technology Enterprise Consortium (MTEC) awarded a US$300,000 research grant to the company.
Upside says its technology enables a small sample of unburnt patient skin to be grown in the laboratory into large areas of full-thickness skin. This lab-grown skin can be used as skin grafts in patients with major burns who do not have enough uninjured skin to provide conventional skin grafts.
Upside skin is supplied in larger sheets with handling characteristics it says are preferred by burns surgeons.
“I am thrilled that existing investors have supported the company so strongly. In addition to funds from existing investors, we have received investment from new investors who had previously expressed an interest in Upside Biotechnologies. The additional $2 million capital puts the company in a very strong position as it continues to develop its treatment for large burns,” said CEO Dr Robert Feldman.
Dr Feldman said Upside has made "excellent progress" since its last raise of NZ$2.3 million in March 2017. “We have locked down most of the processes required to produce our engineered skin product, PelliCel.”