Proceeds will be used to accelerate sales and marketing efforts in the US
EnzySurge has completed its latest round of funding of $2.5m. The round was led by Eli Gilboa, CPA, of Gilboa and Licht, who serves as the company’s active chairman at a company valuation of $18.5m. To date, the company has raised a total $10m.
Proceeds will be used to accelerate EnzySurge’s sales and marketing efforts in the US during the first half of 2010. The addressable market for the DermaStream product line, global chronic wound care market, is estimated at close to $4.0bn annually, said the company.
Additionally, EnzySurge has received clearance from the FDA to market its new SilverStream solution for prescription use, recently. SilverStream is intended for use under the supervision of a healthcare professional for management and moisturizing of wounds such as stage 1-4 pressure ulcers, stasis ulcers, diabetic foot ulcers, post-surgical wounds, first and second degree burns, cuts abrasions and minor skin irritations.
The FDA has also cleared the DermaSept, an over-the-counter version of the SilverStream product, which is intended for the management and moisturizing of minor cuts, minor burns, abrasions and irritated areas.
A single patient use disposable system, the DermaStream product line allows for the continuous streaming of fresh therapeutic solutions, such as the SilverStream solution, enzymatic debridement solutions and cleansing solutions, over the wound bed. The treatment provides constant removal of foreign material, exudate, micro-organisms and debris while creating negative pressure over the wound, claims the company.
Amir Shiner, chief executive officer of EnzySurge, said: “I’m very pleased with this additional round of funding. This financing allows us to execute our go-to-market market plan in the US during 2010. We recently completed a multi-center clinical study on venous ulcer patients.
“The preliminary study results demonstrate safety and preliminary efficacy of the DermaStream product line on venous ulcer patients and will strengthen the DermaStream clinical base of evidence that supports our growing marketing and sales activities in the US.”