Silk Therapeutics Raises $6 Million In Series A2 Financing
Innovative Biotech Company Focused on Natural Silk Protein Raises $10.25 Million in Funding To Date
MEDFORD, Mass., February 3, 2016-- Silk Therapeutics, Inc., today announced the closing of a $6 million Series A2 financing round. Silk Therapeutics has now raised a total of $10.25 million in Series A funding based on significant progress made by the company. The Series A2 round was led by existing investor The Kraft Group of Foxboro, Massachusetts, with participation from new investors Lear Corporation and Highland Consumer Partners, as well as existing investors Sheri and Roy P. Disney; Richard Sackler, MD, with Summer Road, LLC; Erin Donohue and Ron Bresler, BML Group; and Altman Health Investments. Silk Therapeutics is the leader in silk protein solutions for human health and wellness.
"This round of funding has far exceeded our expectations and we are grateful to our partners for their support of our proven silk technology platform to create products that enhance human health and wellness," said Greg Altman, PhD, Chief Executive Officer and co-founder, Silk Therapeutics. "From the onset, the Kraft family has been a driving force, helping focus our efforts and serving as important brand advocates for our skincare line. We also welcome Lear Corporation and Highland Consumer Partners and look forward to their important perspective and expertise as we continue to expand our technology's application. We now have the capabilities and team in place to advance our research and expand our product offerings, while educating the market and demonstrating the benefits of pure silk."
Silk Therapeutics will apply this new capital to support the expansion of its skincare product line, designed to renew, fortify and nurture the skin. The company will also begin to explore additional consumer markets where the benefits of pure liquid silk may be leveraged to improve human health and eliminate the unnecessary use of unregulated chemicals in today's consumer products.
The company's patented natural silk protein technology, for use in consumer goods and medical applications, creates a pure, natural liquid silk solution to support skin health and fight the signs of aging by supporting the skin's ability to produce healthy collagen while firming and smoothing the skin. Silk Therapeutics is the only skincare line made with natural silk protein, using only pure, essential ingredients and nothing else.
The founders of Silk Therapeutics, Altman and Rebecca Horan, PhD, the company's Chief Operating Officer, are biomedical engineers world-renowned for pioneering silk science to improve human health. They have worked together for more than 15 years, developing silk-based platform technologies for applications in diverse medical specialties, including orthopedics, plastic surgery, general surgery and women's health.
Silk Therapeutics' consumer product line is sold online at www.silktherapeutics.com
About The Kraft Group
The Kraft Group is a privately owned, family-operated company with a strong commitment to customer focus. The company's diverse interests are concentrated in five areas: paper/packaging manufacturing and forest products distribution; sports and entertainment; real estate development; private equity investing; and philanthropy.
About Lear Corporation
Lear Corporation is one of the world's leading suppliers of automotive Seating and Electrical systems. Lear serves every major automaker in the world, and Lear content can be found on more than 350 vehicle nameplates. Lear's world-class products are designed, engineered and manufactured by a diverse team of approximately 136,000 employees located in 36 countries. Lear currently ranks #174 on the Fortune 500. Lear's headquarters are in Southfield, Michigan. Further information about Lear is available at www.lear.com.
About Highland Consumer Partners
Highland Consumer Partners specializes in retail, services and consumer products investment opportunities in growth-focused companies with proven business models, operating in attractive growth markets. Highland Consumer brings together an investment team with extensive experience founding, growing, operating and investing in successful consumer companies. It also offers companies a unique value proposition through the hands-on guidance and active involvement of its operating partners and domain experts. Highland Consumer has invested in such firms as DavidsTea, J.McLaughlin, Indochino, Pharmaca Integrative Pharmacy, Trupanion, Merrick Pet Care, and Paint Nite. For more information, visit Highland Consumer's web site at www.highlandconsumer.com.
About Summer Road, LLC
Summer Road, LLC, based in New York, is the family office of the Richard Sackler Family. The investment fund is headed by David Sackler, President, the grandson of Raymond Sackler, MD, renowned entrepreneur and philanthropist.
About BML Group
BML Group is a privately held business founded in 1963 by Rita and Sam Bresler, focusing on operating companies in the service industry and real estate investment. Today, BML Group is led by CEO Ron Bresler and most actively involved in real estate development and private equity investing.
About Altman Health Investments
Altman Health Investments (AHI) is a seed fund focused on investments for the improvement of human health. AHI was founded by Greg Altman, PhD, and Rebecca Horan, PhD, long time business partners and co-founders of Silk Therapeutics, Inc.
About Silk Therapeutics
Silk Therapeutics, Inc., headquartered in Boston, MA, is the leader in silk protein solutions for human health and wellness. The founders of Silk Therapeutics are world-renowned as pioneers in silk science to improve human health. Through bioengineering, the company is creating a natural silk protein solution that includes solid forms, gels, film and foams. For more than 15 years, Dr. Greg Altman, CEO, and Dr. Rebecca Horan, Chief Operating Officer, have worked together developing silk-based applications used in a number of medical products. Dr. Horan's personal experience as a cancer survivor, and the company's commitment to the wellbeing of its customers, is the foundation for Silk Therapeutics pure, risk-free skincare that works naturally with the body and address an unmet need in the treatment and enhancement of skin health. www.silktherapeutics.com
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