A Canadian biotechnology company commercializing innovative treatments for dermal scarring has raised venture capital.
Toronto’s ScarX Therapeutics has raised a Series A round worth $2 million to complete a clinical trial of its lead candidate in human volunteers.
The company’s investors in this financing round include Accel-Rx Health Sciences Accelerator, BDC Capital, and MaRS Innovation.
ScarX Therapeutics is built upon Dr. Benjamin Alman’s 30-year research career, and is based upon the novel finding that nefopam, a well-characterized small molecule which modulates a protein called beta-catenin that is associated with hypertrophic or excessive scarring in humans.
“In addition to the obvious cosmetic concerns, hyperplastic scars cause considerable disability, especially when they occur near a joint,” said Dr. Alman, scientific founder and ScarX’s chief science officer. “While many factors play a role in excessive scarring, our work in the lab found that beta-catenin activation is a common mechanism for hypertrophic scars. Targeting beta-catenin with SCX-001 will prevent excessive scar formation in the vast majority of individuals, resulting in better cosmetic and functional outcomes from injury or surgery.”
“ScarX is committed to bringing the first clinically meaningful prescription therapeutic to market,” says Stephen Whitehead, president and CEO.
Prior to today’s financing, ScarX Therapeutics raised $1.7 million in dilutive and $1 million in non-dilutive funding to develop its lead candidate and complete pre-clinical studies.