The New Zealand-based company is developing an advanced, world-class skin replacement treatment for patients suffering major burns.
Upside CEO Robert Feldman says the capital raised will enable the company to complete development of the product, demonstrate proof of concept, ready the product for its first human trial and in the United States, forge additional links, collaborations and explore market opportunities.
The largest investor in the latest funding round is ICE Angels Nominees, which represent investment from both ICE Angels individuals and Tuhua Ventures. Other major investors include The University of Auckland Inventors Fund (managed by Auckland UniServices), Cure Kids Ventures and New Zealand Venture Investment Fund.
“Upside ticked a lot of boxes for us: it can genuinely help change lives around the world; it is led by an experienced team and their research out of the University of Auckland is world class,” says Robbie Paul, CEO of ICE Angels.
Robert Feldman, Upside CEO says, “Raising $2.3m is a fabulous start for Upside and puts the company is a strong position. I am genuinely excited about the future and although there will inevitably be challenges, I am optimistic about being able to take Upside’s products for burns into clinical testing.”
About Upside Biotechnologies
The company’s technology enables a small sample of unburnt patient skin to be grown in the laboratory into large areas of full thickness skin. This lab-grown skin can be used as skin grafts in patients with major burns who do not have enough uninjured skin to provide conventional skin grafts. Upside skin is produced faster than any competitive product in development. It is supplied in larger sheets with excellent handling characteristics preferred by burns surgeons.
The company has been spun out of the University of Auckland where the innovative technology was first developed in Professor Rod Dunbar’s laboratory.
About Regenerative Medicine
Regenerative medicine develops methods to regrow, repair or replace damaged or diseased cells, organs or tissues to restore or establish normal function. The global regenerative medicines market is projected to reach US$30 billion by 2022.