TORONTO (February 16, 2016) — ScarX Therapeutics, a Canadian biotechnology company commercializing innovative treatments for dermal scarring (fibrosis), has closed a $2 million Series A financing. The company will complete a Phase I clinical trial of its lead candidate, SCX-001, in human volunteers, with the eventual goal of creating better functional and cosmetic patient outcomes.
This announcement was covered in TechVibes, BetaKit, Biotechnology Focus, PEHub, Finsmes, and StartupHere Toronto.
SCX-001 is the first nefopam topical cream designed to reduce post-surgical scarring and improve wound healing following surgical wound closure. ScarX Therapeutics is built upon Dr. Benjamin Alman’s 30-year research career, and is based upon the novel finding that nefopam, a well-characterized small molecule, modulates a protein called beta-catenin that is associated with hypertrophic or excessive scarring in humans. The molecule, originally developed as a prescription oral and IV analgesic in Europe over 30 years ago, had never been applied to dermal scarring until Dr. Alman made a scientific breakthrough by discovering this new application. He invented the technology while at The Hospital for Sick Children (SickKids); ScarX Therapeutics was spun-off as an Ontario-based company by MaRS Innovation and SickKids.
Read more at: http://marsinnovation.com/2016/02/scarx-therapeutics-closes-2-million-series-a-financing/