
Kerecis Bags USD 21 Million in Venture Financing Round
Kerecis develops products from fish skin and fatty acids that protect and regenerate human wounds and heal damaged tissue.
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CIO Applications Europe | Monday, August 31, 2020

Kerecis develops products from fish skin and fatty acids that protect and regenerate human wounds and heal damaged tissue. As there is no risk of a viral-disease transfer from Atlantic cod to humans, the fish skin needs only mild medical use processing.
FREMONT, CA: Arlington and Reykjavik-based regenerative-medicine biologics company, Kerecis Limited, secured USD 21 million in a financing round. The financing round consists of USD 15 million provided by Silicon Valley Bank that is being provided in a revolving line of credit to meet the company's short term working capital needs. The facility is an asset-based revolving line of credit for up to three years, providing working capital for Kerecis' rapidly expanding U.S. operations. The bank is also providing treasury management and other services to streamline Kerecis' banking operations. The financing also involves USD 6 million provided by the company's leading investors and other lenders in loans that primarily consist of convertible notes.
"Overall, this funding will allow us to accelerate development and marketing of our products for wounds, burns and other medical needs, especially in the United States," said G. FertramSigurjonsson, founder, and CEO of Kerecis. "It is fantastic that both Silicon Valley Bank and our investors have expressed their confidence in our overall strategic plan and potential."
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The company's proceeds from the investment round will support the company's expansion plans in the U.S. The company had previously closed a USD 6 million Series C equity financing in April 2019. Kerecis develops products from fish skin and fatty acids that protect and regenerate human wounds and heal damaged tissue. As there is no risk of a viral-disease transfer from Atlantic cod to humans, the fish skin needs only mild medical use processing. It maintains its natural structure and elements, including Omega3 fatty acids. The Kerecis fatty-acid-rich products protect the body against bacterial and viral infections.
"Silicon Valley Bank is excited to be working with Kerecis to help them bring their innovative medical products to the U.S.," said Julie Betts, Managing Director at Silicon Valley Bank. "The company has shown great traction already, demonstrating that they're bringing a compelling new product to the market."
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