Kerecis Closes Start-Up Financing Round With the New Business Venture Fund

Kerecis Closes Start-Up Financing Round With the New Business Venture Fund

REYKJAVIK, ICELAND and ISAFJORDUR, ICELAND -- (Marketwire) -- 01/04/10 -- Kerecis, the emerging tissue-regeneration company, has successfully closed a seed financing round with the New Business Venture Fund. The Fund, an independent investment entity owned by the Icelandic government, will receive 35 percent of the share capital in Kerecis through the subscription of new shares. The financing received is a mixture of equity and debt. The money will be used for the development of the company's novel tissue-regeneration technologies through development and into clinical tests.

Kerecis is involved in the research, development and production of tissue-regeneration products that can be used in reconstructive, soft- and hard-tissue surgical procedures. For regulatory purposes, the company's technology is classified as a medical device. The patent-pending Kerecis technology is currently in the development stage. The Kerecis team consists of experienced executives with proven track records in the development of medical device businesses, in clinical development and in the protection of intellectual property.

Comments:

Gudmundur F. Sigurjonsson, Kerecis Founder and Chairman of the Board:

"Kerecis has, in a short time, developed prototypes of its novel tissue-regeneration products that have already gained the interest of possible marketing partners in the U.S. The investment from the New Business Venture Fund will allow us to maintain the momentum in the development work with the goal of pursuing marketing relationships within 12 to 18 months."

Dr. Baldur Tumi Baldursson (MD), Kerecis Co-Founder and Medical Director:

"The Kerecis technology uses proprietary technology based on fish-derived proteins to heal hard and soft tissues. Our initial clinical investigations indicate that the technology is particularly well-suited to help the healing process in damaged tissue. The investment from the New Business Venture Fund will allow us to continue the momentum in our research and undertake human clinical trials already in 2010."

About Kerecis

Kerecis ehf ( www.kerecis.com :  ) is a recently incorporated company founded to develop novel tissue-regeneration technologies based on proprietary fish-derived protein technologies.

New Business Venture Fund


The New Business Venture Fund ( www.nsa.is :  ) is a capital investor that takes an active part in business development and growth in Iceland by investing in innovative and pioneering firms holding promise. The New Business Venture Fund is an independent entity owned by the government of Iceland.

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