Zimmer BioTech, a skin cancer drug development spinout of Germany-based cryotherapy technology provider Zimmer MedizinSysteme, has raised €7m ($8.2m) in funding.
The capital was supplied by High-Tech Gründerfonds, the German state-managed fund backed by a range of domestic corporates, and Zimmer MedizinSysteme itself.
Founded in October 2016, Zimmer BioTech is developing a drug that will treat the actinic keratosis which can develop into squamous cell carcinoma in fair skin.
The medicine will work in conjunction with photodynamic therapy as an alternative to surgical removal, and is expected to receive approval by 2020.
Armin Zimmer, president of Zimmer MedizinSysteme, said: “At present, solutions developed by Zimmer help to support dermatologists in their treatment of patients. With the development of this new drug, we are taking on an active role in the treatment of skin cancer.”