Edesa Biotech Inc. has raised $7 million in Series A funding led by Lumira Capital and included participation from Pharmascience Inc., Inveready Technology Investment Group and a number of Canadian family offices.
Peter van der Velden, Managing General Partner for Lumira Capital, has joined Edesa’s board of directors.
Markham, Ontario based Edesa Biotech is a clinical-stage private company focused on efficiently developing product candidates that address significant unmet medical needs. The initial focus is on developing novel, safe and potent alternatives to steroids for Allergic Contact Dermatitis, Hemorrhoids and Anal Fissures. Edesa Biotech’s lead asset, EB01 is a novel non-steroidal anti-inflammatory molecule for the treatment of allergic contact dermatitis which has already demonstrated statistically significant improvements in multiple clinical studies.
In parallel with the financing, Edesa Biotech has licensed the Canadian rights to its anorectal products to Pendopharm, a division of Pharmascience Inc. Edesa Biotech will also continue to pursue additional development and commercial opportunities for its product portfolio.
Edesa Biotech intends to use funds to support the growth and continued development of Edesa Biotech’s innovative product pipeline.
“We founded this company in 2015 to address what we saw as a significant need for innovation in dermatology and gastroenterology. Our team has spent the past 18 months assembling a portfolio of world class assets in these areas and this financing will now allow us advance development on a series of novel treatments that provide the opportunity for significant positive patient impact in the relatively near future,” commented company’s founder and CEO, Dr. Par Nijhawan M.D., F.R.C.P.C, Gastroenterologist.
“We have known the leadership team at Edesa for some time and started working with them on this opportunity last year. We shared their view on the market need and welcomed the opportunity to work more closely with a thought leader and serial entrepreneur like Dr. Nijhawan who had previously built and sold Medical Futures Inc. to Tribute Pharmaceuticals in 2015,” said van der Velden. “This is a really terrific financing syndicate and we look forward to working closely with them and the management to develop the existing products as well as exploring new opportunities to leverage our activities in the sector.”
photo credit: Edesa Biotech