May 3, 2010
Stratatech Closes $3-Million Funding Round to Advance Clinical Trial
MADISON, Wis., May 3, 2010 – Stratatech Corp., a regenerative medicine company focused on the commercialization of cell-based, tissue-engineered skin substitute products, today announced that it has closed a $3.0-million round of funding comprised of convertible notes. The funding was secured from current investors in the company. The proceeds will be used to advance the clinical trial of the company’s StrataGraft® living human skin substitute tissue. The company expects to begin Phase IIb of the trial during the second half of 2010.
“We are grateful for the continued support and confidence of our investors, particularly as we start the next step in our efforts to bring a better solution to burn and other skin trauma patients,” said Lynn Allen-Hoffmann, Ph.D., Stratatech’s founder, chief executive and chief science officer. “We look forward to initiating Phase IIb of our StrataGraft® tissue clinical trial during the second half of 2010. This phase is a major step forward for us in commercializing a product that should provide significant benefits to patients with severe burns, wounds and other traumatic skin injury.”
The goal of Phase IIb of the clinical trial is to assess the efficacy of StrataGraft® tissue in the healing of severe burns and wounds that otherwise would require multiple skin grafting. The successful completion of Phase IIb would move the company closer to regulatory submission, approval and commercialization of its StrataGraft® product.
Stratatech achieved its primary clinical endpoint during Phase I/IIa of the StrataGraft® clinical trial, autograft engraftment or “take” comparable to the standard of care. No adverse events were deemed to be associated with exposure to StrataGraft® tissue in the Phase I/IIa trial.
About Stratatech Corp. and StrataGraft® Skin Substitute Tissue
Stratatech Corp. is a Madison, Wis.-based regenerative medicine company focused on the development and commercialization of cell-based, tissue-engineered skin substitute products for therapeutic and research applications. The company’s flagship product, StrataGraft® tissue, is proceeding through a clinical trial designed to support U.S. Food and Drug Administration approval of StrataGraft® tissue for the treatment of traumatic skin loss. The company’s valuable product pipeline is based on its patented NIKS® human keratinocyte cells and is comprised of the next generation of genetically-enhanced skin substitute products that have numerous advantages over skin substitutes generated from human skin sourced by conventional means.
Stratatech’s StrataGraft® tissue is a second-generation human skin substitute that exhibits normal human skin structure and function. It is produced using the company’s proprietary NIKS® human keratinocytes, which were discovered at the University of Wisconsin. Keratinocytes are the cells that make up approximately 90 percent of the epidermis, the outer layer of human skin. NIKS® cells are a consistent source of pathogen-free, non-tumor-producing, long-lived adult progenitor cells. These cells faithfully reproduce normal human skin tissue architecture and barrier function when cultured appropriately. For more information about Stratatech, its technology, and product pipeline; please visit the company’s website at www.stratatechcorp.com.