Fe3 Medical, the US-based developer of a transdermal patch to treat iron-deficiency anaemia, closed an $11m series B round co-led by pharmaceutical company Jianmin Pharmaceuticals on Wednesday.
Jianmin co-led the round with Ping An Ventures, the venture capital arm of insurance firm Ping An, and private equity firm HG Capital. The round also included InCube Labs, the life sciences R&D laboratory that initially developed Fe3’s technology.
The capital will support clinical trials and regulatory submissions required for Fe3’s transdermal patch, which delivers iron across the skin for iron-deficiency anaemia sufferers. The company intends to begin phase 1 trials for it later this year.
Mir Imran, chairman and CEO of InCube Labs, said: “Fe3 was created to address a clear, unmet clinical need as nearly half of the patients suffering from iron-deficiency anaemia cannot tolerate oral iron.
“Our therapy is a compelling alternative to millions of patients, giving them the iron they need without the undesirable side effects of oral iron.”
Texas Emerging Technology Fund provided $2.8m in funding for Fe3 in 2010, which was followed by $5.4m in capital in 2010 and 2011 according to regulatory filings.