Edesa Biotech, a Canada-based developer of treatments for dermatological and anorectal diseases, has secured $7m in a series A round featuring generic drug manufacturer Pharmascience.
The round was led by venture capital firm Lumira Capital and included contributions from VC firm Inveready Technology Investment Group as well as undisclosed Canadian family offices.
Edesa Biotech is initially focusing on developing therapies that will function as alternatives to steroid treatments for conditions such as allergic contact dermatitis, haemorrhoids and anal fissures.
The funding will be used to support the growth and development of Edesa’s product pipeline. Pharmascience provided its share of the round through subsidiary Pendopharm, which secured the Canadian rights to Edesa’s anorectal products in connection with its investment.
Dermatology-focused pharmaceutical company Cipher Pharmaceuticals and Yissum, the technology transfer arm of Hebrew University of Jerusalem, are listed on the partners and investors section of Edesa’s website, but Edesa has not revealed details of any earlier funding.