SAN ANTONIO, Aug. 8, 2016 /PRNewswire/ -- Fe3 Medical, an InCube Labs company, today announced that the State of Texas has invested $3.5M as part of an extension to the company's Series B round. The recent investment brings total Series B funding to $14.5M, which will be used for product development, clinical trials and regulatory submissions required to obtain CE Mark and FDA approval for the transdermal patch. As part of the State's investment, Joseph Siletto will be added to Fe3's Board of Directors as a representative for the State of Texas.
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 Fe3 patch offers an alternative to oral iron for the nearly half of patients who cannot tolerate gastrointestinal side effects of iron pills such as constipation, diarrhea, nausea and bloating.
The State of Texas originally invested $2.8M in Fe3 Medical in 2010, through its Emerging Technology Fund when the company was relocated from InCube's Silicon Valley lab to its San Antonio facility.
"We are delighted that the State of Texas has remained engaged over the years, and that they continue to be excited about Fe3's potential to dramatically improve the lives of millions of iron deficiency anemia patients who cannot tolerate oral iron," said Mark Sieczkarek, CEO of Fe3 Medical.
"We are impressed with Fe3's pre-clinical data and strong IP position, and we are looking forward to advancing the technology and moving towards clinical trials," said Joseph Siletto, Venture Partner at Sweet Water Capital and newly appointed Fe3 Director. "We have high confidence in the Fe3 team, led by accomplished medtech executive, Mark Sieczkarek, and its ability to commercialize this promising therapy."
"It is great to see the State of Texas, which partnered with the City in bringing Fe3 to San Antonio in 2010, recognizes the potential long term value of a company like Fe3 Medical. We are pleased with the progress Fe3 is making and the continued contributions of InCube Labs toward growing our Healthcare and Bio-science Industry," said San Antonio's City Manager Sheryl Sculley.
In addition to the State of Texas, current Fe3 investors include Jianmin Pharmaceuticals, Hua Gai Medical, PingAn Ventures and InCube Ventures.
About Fe3 Medical
Spun out of InCube Labs and based in San Antonio, Fe3 has developed a novel transdermal patch for the treatment of iron-deficiency anemia, one of the world's most prevalent micro-nutrient deficiencies. Roughly a third of the US population suffers from some form of anemia, and the condition is still under-diagnosed and under-treated. Millions of people, mainly women, suffer from a variety of undesirable consequences including fatigue, poor cognition, and defects in motor function. A non-invasive, overnight, once-a-week patch, the Fe3 solution is easy-to-use by the patient at home. For more information about Fe3 Medical, go to www.fe3medical.com.
About InCube Labs
Based in San Jose and San Antonio, InCube Labs is a multi-disciplinary life sciences R&D lab focused on developing breakthrough medical innovations. InCube is led by Mir Imran, a prolific medical inventor, entrepreneur and investor, who has founded more than 20 life sciences companies and holds more than 400 issued and pending US patents. Many of Imran's innovations have resulted in new standards of care, including the first FDA-approved Automatic Implantable Cardioverter Defibrillator. For more information, please visit: www.incubelabs.com.
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SOURCE InCube Labs