DURHAM, N.C., Dec. 18, 2014 /PRNewswire/ -- Scioderm, Inc., today announced it raised $20 million in a Series B financing round led by Redmile Group, a new investor in the Company. The proceeds will be used to fund the development of ZorblisaTM (SD-101), a proprietary topical therapy being developed for the treatment of all patients with Epidermolysis Bullosa (EB), through completion of the US and EU clinical registration programs. There is no known cure or treatment for EB, a rare genetic disease leading to fragile skin, susceptible to blistering and tearing. The Company intends to initiate the trial in the first quarter of 2015, and expects to have top-line results in the second half of 2015.
"With no approved therapy available, EB patients and their families experience prolonged and significant suffering," said Robert Ryan, Ph.D., Chief Executive Officer of Scioderm. "We are delighted to have successfully completed this financing round with world class investors and view the support of both our new and current investors as a strong endorsement of the team, our strategy and technology. We look forward to their support and insights as we continue developing Zorblisa as rapidly as possible for the patients and families suffering from this devastating disease."
"We are happy to be associated with Scioderm and their impressive team," said Mike Lee of Redmile Group. "We look forward to working on such a debilitating disease for which there is no cure." Mike Lee will join the Scioderm Board of Directors.
Current investors in the Company, including Morganthaler Ventures and Technology Partners, also participated in the round. J.P. Morgan Securities LLC acted as sole placement agent on the financing.
Ralph (Chris) Christoffersen, Chairman, Scioderm Board of Directors and General Partner, Morgenthaler Ventures, said, "We are very pleased with Scioderm's progress in the development of Zorblisa, as well as with the addition of Redmile as an investor in the company. We look forward to working with Scioderm to complete clinical development of Zorblisa and to make it accessible to patients."
"The support of industry leaders such as Redmile Group speaks to the strength of Scioderm's pipeline and management team," Roger Quy, Member, Scioderm Board of Directors, General Partner, Technology Partners. "Zorblisa has significant potential to meet this important unmet medical need."
About Zorblisa (SD-101)
Zorblisa is a proprietary topical therapy being developed for the treatment of all patients with EB. Zorblisa has the potential to accelerate wound healing and close chronic wounds, in addition to reduction in itching and the frequency of outbreaks of lesions and blisters. Scioderm received Breakthrough Therapy designation for Zorblisa from the FDA, as well as orphan drug designation from the FDA and EMA. Scioderm recently completed a successful Phase 2 study SD-003 study, which was a double-blind, randomized, placebo-controlled, dose-response trial to evaluate the efficacy and safety of different dosage strengths of Zorblisa in the treatment of EB.
About Epidermolysis Bullosa (EB)
Epidermolysis bullosa (EB) is a rare genetic disease leading to fragile skin susceptible to blistering and tearing. EB is chronic, debilitating and potentially disfiguring and patients with EB have painful blisters affecting a substantial percentage of their bodies that can lead to infection and scarring. There is currently no effective or FDA approved treatment for EB. Current standard of care consists solely of bandaging and bathing the open wounds to prevent infection and trying to manage patients' pain.
About Scioderm, Inc.
Scioderm is a privately held, clinical-stage pharmaceutical company focused on developing innovative therapies to address diseases with critical unmet medical needs, including orphan products. Scioderm was selected as a 2013 "Fierce Top 15" company by FierceBiotech, considered as one of the top 15 emerging companies in the biotech industry. The company is headquartered in Durham, North Carolina. Additional information about Scioderm can be found at www.sderm.com.
Forward Looking Statement
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including: our dependence on third parties for the development, regulatory approval and successful commercialization of our products, the inherent risk of failure in developing product candidates based on new technologies, risks associated with the costs of clinical development efforts, as well as other risks. Actual results may differ materially from those projected. These forward-looking statements represent our judgment as of the date of the release. Scioderm disclaims any intent or obligation to update these forward-looking statements.
Scioderm Investor Contact:
Chief Executive Officer
Scioderm Media Contacts:
Andrea Flynn, Ph.D.
Russo Partners LLC
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SOURCE Scioderm, Inc.