BERYWN, Pa., May 1 DermAvance Pharmaceuticals, a privatelyheld pharmaceutical company specializing in advanced technology applicationsfor skin health and cosmetic dermatology, today announced it had received aninvestment from Ben Franklin Technology Partners of Southeastern Pennsylvania(BFTP/SEP). These funds are part of a Series B financing that will be used tocomplete the acquisition and commercialization of DA-007, a patent protectedcombination, second generation dermal filler.
Dermal fillers are used to reverse changes associated with aging and canreduce or eliminate wrinkles, raise scar depressions, enhance lips and replacesoft-tissue volume loss, thus returning the dermis to its original youthfulstate. Current marketed fillers include market-leader Restylane, sold byMedicis Pharmaceutical, and Radiesse sold by Bioform.
"We were very pleased to be selected for an investment by Ben FranklinTechnology Partners as a part of our Series B financing," says KeithGreathouse, DermAvance President and CEO. Partnering with Ben Franklinvalidates our technology and represents a significant step in our on-goingfinancing plan for the company. We continue to speak with additional investorsto augment this initial investment and expect to complete the Series Bfinancing during the third quarter. The proceeds from the Series B financingwill be used to in part to also prepare and file the registration package forU.S marketing approval and to plan for the commercial launch of DA-007.
Mr. Greathouse further stated that physicians and patients desire dermalfillers like DA-007 that are safe, non-animal derived, long-lasting, easy toadminister, and cost effective. The facial regeneration market is emerging asa powerful force with the baby boomers coming of age, and the US dermal fillermarket is projected to reach $1 billion by 2012.
About DermAvance Pharmaceuticals, Inc.
DermAvance Pharmaceuticals, Inc. is a privately held dermatologypharmaceutical company focused on commercializing unique, and innovative anti-aging products to enhance the health and appearance of skin. The company wasfounded to meet the rapidly growing demand for facial skin rejuvenationproducts. DermAvance already has launched four product lines in this explosiveanti-aging category including: Hyalogy (nano hyaluronic acid), Vivelif(R)(acetyl hexapeptide-3), Arnika Forte to reduce bruising, and SOYA. DermAvancemarkets and sells products directly to dermatologists and aesthetic physiciansfor in-office dispensing. http://www.DermAvance.com
About Ben Franklin Technology Partners of Southeastern Pennsylvania
Celebrating our 25th anniversary, BFTP/SEP is the region's catalyst forStimulating Entrepreneurial Potential. Ben Franklin invests in innovativeenterprises and creates commercialization pathways thatgenerate wealth through science and technology. Part of a statewide network inPennsylvania, BFTP/SEP provides entrepreneurs and established businesses withthe Capital, Knowledge and Networks to compete in the global marketplace.BFTP/SEP has provided more than $130 million to grow more than 1,600 regionalenterprises. BFTP/SEP is a founding partner of The NanotechnologyInstitute(TM) (NTI), the Mid-Atlantic Nanotechnology Alliance (MANA(R)),Emerald Stage2 Venture Fund and the Minority Angel Investor Network. BFTP/SEPis part of the Commonwealth of Pennsylvania's Ben Franklin TechnologyPartnership. http://www.sep.benfranklin.org
SOURCE DermAvance Pharmaceuticals