Fe3 Medical raises $11 million in Series B funds
March 8, 2016 – SAN ANTONIO. Fe3 Medical, an InCube Labs company, has announced the close of its Series B financing. The round was led by investors Jianmin Pharmaceuticals, HG Capital and PingAn Ventures. Existing investor, InCube Ventures, also participated in the round. The financing will be used for clinical trials and regulatory submissions required to obtain CE Mark and FDA approval for the transdermal patch.
Fe3 is developing a transdermal patch that delivers iron across the skin for patients suffering from iron-deficiency anemia. More than 25 million people, mainly women, suffer from the condition in the US. Causes include blood loss from menstruation or the gastrointestinal tract, chronic illness such as kidney failure, cancer, Crohn’s and GI disorders, as well as increased iron needs during pregnancy.
The company has promising pre-clinical data and is planning for Phase 1 clinical trials in the next year. In preparing for this next phase of growth, the company was able to bring accomplished medtech executive, Mark Sieczkarek, on as CEO. Mark brings more than 35 years of life science leadership and experience to Fe3 including previous roles as Chairman & CEO, Solta Medical, Inc., acquired by Valeant Pharmaceuticals International; President & CEO, Conceptus, acquired by Bayer Pharmaceuticals; and executive positions at Bausch & Lomb and Bristol-Myers Squibb. Mark is also Chairman of the Board for NovaBay.
“Our pre-clinical results and strong intellectual property position give us confidence that our therapy has the potential to disrupt the current iron supplement market,” said Mark Sieczkarek. “This is a several billion dollar global market opportunity, and we are now focused on moving into the clinic and bringing this important innovation to patients.”
“Fe3 was created to address a clear, unmet clinical need as nearly half of the patients suffering from iron-deficiency anemia cannot tolerate oral iron,” said Mir Imran, Chairman & CEO, InCube Labs. “Our therapy is a compelling alternative to millions of patients, giving them the iron they need without the undesirable side effects of oral iron.”
Fe3 Funding Supports InCube’s Commitment to San Antonio
Mayor Ivy Taylor of San Antonio commented, “The City applauds InCube Labs’ success in securing funding. This is an important step forward, allowing Fe3 Medical to prepare for human trials and build out a medical device manufacturing capacity in San Antonio.”
“With this additional funding in place for Fe3 Medical, InCube Labs will continue to be a catalyst for growth in the City’s targeted Healthcare and Bio-science Industry,” said City Manager Sheryl Sculley.
“We are thrilled about the funding for Fe3 as we believe in the company’s innovation and our ability to bring it to market,” said Phil Morgan, President of Fe3 Medical and General Manager, InCube Labs San Antonio. “Our goal now is to create the infrastructure and resources in San Antonio that will get us to clinical trials and regulatory approvals.”
SOURCE InCube Labs