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DermAvance Pharmaceuticals, a privately held pharmaceutical company specializing in advanced technology applications for skin health and cosmetic dermatology, today announced it had received an investment from Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP). These funds are part of a Series B financing that will be used to complete the acquisition and commercialization of DA-007, a patent protected combination, second generation dermal filler.
Dermal fillers are used to reverse changes associated with aging and can reduce or eliminate wrinkles, raise scar depressions, enhance lips and replace soft-tissue volume loss, thus returning the dermis to its original youthful state. Current marketed fillers include market-leader Restylane, sold by Medicis Pharmaceutical, and Radiesse sold by Bioform.
"We were very pleased to be selected for an investment by Ben Franklin Technology Partners as a part of our Series B financing," says Keith Greathouse, DermAvance President and CEO. Partnering with Ben Franklin validates our technology and represents a significant step in our on-going financing plan for the company. We continue to speak with additional investors to augment this initial investment and expect to complete the Series B financing during the third quarter. The proceeds from the Series B financing will be used to in part to also prepare and file the registration package for U.S marketing approval and to plan for the commercial launch of DA-007.
Mr. Greathouse further stated that physicians and patients desire dermal fillers like DA-007 that are safe, non-animal derived, long-lasting, easy to administer, and cost effective. The facial regeneration market is emerging as a powerful force with the baby boomers coming of age, and the US dermal filler market is projected to reach $1 billion by 2012.
About DermAvance Pharmaceuticals
DermAvance Pharmaceuticals, Inc. is a privately held dermatology pharmaceutical company focused on commercializing unique, and innovative anti- aging products to enhance the health and appearance of skin. The company was founded to meet the rapidly growing demand for facial skin rejuvenation products. DermAvance already has launched four product lines in this explosive anti-aging category including: Hyalogy (nano hyaluronic acid), Vivelif(R) (acetyl hexapeptide-3), Arnika Forte to reduce bruising, and SOYA. DermAvance markets and sells products directly to dermatologists and aesthetic physicians for in-office dispensing.
About Ben Franklin Technology Partners of Southeastern Pennsylvania
Celebrating our 25th anniversary, BFTP/SEP is the region's catalyst for Stimulating Entrepreneurial Potential. Ben Franklin invests in innovative enterprises and creates commercialization pathways that generate wealth through science and technology. Part of a statewide network in Pennsylvania, BFTP/SEP provides entrepreneurs and established businesses with the Capital, Knowledge and Networks to compete in the global marketplace. BFTP/SEP has provided more than $130 million to grow more than 1,600 regional enterprises. BFTP/SEP is a founding partner of The Nanotechnology Institute(TM) (NTI), the Mid-Atlantic Nanotechnology Alliance (MANA(R)), Emerald Stage2 Venture Fund and the Minority Angel Investor Network. BFTP/SEP is part of the Commonwealth of Pennsylvania's Ben Franklin Technology Partnership. www.sep.benfranklin.org
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