Fe3 Medical has received at $3.5 million boost from the state of Texas as part of a Series B financing. The round now totals $14.5 million.
The Series B investments will be used for product development, clinical trials and regulatory submissions needed for CE marks and FDA approvals for Fe3’s transdermal patch.
This patch can be used by those with anemia--iron-deficiency--to deliver iron across the skin. Anemia tends to occur in women, and over 25 million individuals in the U.S. have the condition. Anemia can be caused by menstrual blood loss or blood loss from the gastrointestinal tract, chronic illness including Crohn’s, kidney failure or cancer, or increased iron needs during pregnancy.
Iron pills can cause side effects that include constipation, diarrhea, nausea and bloating. The patch could be an alternative for those wanting to avoid those side effects.
The state of Texas invested $2.8 million in Fe3 back in 2010, and Fe3 CEO Mark Sieczkarek noted how pleased he is that the state has remained engaged through its transition from Silicon Valley to San Antonio.
"We are delighted that the State of Texas has remained engaged over the years, and that they continue to be excited about Fe3's potential to dramatically improve the lives of millions of iron deficiency anemia patients who cannot tolerate oral iron," Sieczkarek said in the announcement.
Joseph Siletto, a venture partner at Sweet Water Capital and a newly appointed director for Fe3, noted that the organization is looking forward to advancing the technology, which would include moving toward clinical trials.
"We have high confidence in the Fe3 team, led by accomplished medtech executive, Mark Sieczkarek, and its ability to commercialize this promising therapy,” Siletto said in the announcement.
Siletto will join Fe3’s Board of Directors as a representative for the State of Texas as part of the investment. Other investors include Jianmin Pharmaceuticals, Hua Gai Medical, PingAn Ventures and InCube Ventures.
- here's the release