Medical Device Technology Targets Nail and Skin Infections
BLACKSBURG, Va., Oct. 23 /PRNewswire/ -- Keraderm Corp. announced the closing
today of a $2.5 million dollar Series A investment by NewVa Capital Partners,
LP. Currently starting clinical trials, the company's platform harnesses
phototherapy technology to treat nail and skin infections. NewVa Capital
Partners is a private equity and venture capital fund managed by Third
Security, LLC and provides early stage investments in companies located or
considering location in the NewVa region of southwest Virginia. This is
Keraderm's first institutional investment round.
"This commitment by NewVa Capital Partners provides us with the capital and
resources we need to complete our clinical trial, obtain approval for our
device from the Food and Drug Administration and begin rolling out our
product," says Bill Cumbie, President and CEO of Keraderm. "We're looking
forward to this partnership with Third Security. Third Security really works
alongside the management of their portfolio companies to create value and they
have a lot of experience bringing products in the life sciences to market."
Onychomycosis, a fungal infection of the nail, is a common disorder. In the
United States during the past twelve months, 2.3 million prescriptions were
written to treat this disease. Current pharmaceutical therapies have limited
efficacy and result in relatively high recurrence rates. In some cases, the
drugs prescribed can have serious side effects. Keraderm's device, which uses
bursts of pulsed light to destroy the fungal infection, has demonstrated
positive results in prior clinical trials. The company is currently preparing
for a pivotal trial designed to meet the requirements for approval from the
U.S. Food and Drug Administration. There are no approved non-invasive,
non-drug based treatments for this disease.
"We are excited to be working with Keraderm to help bring their device to
market. We think they have a great approach to addressing a large market that
is not well served by current treatment options," said Rob Patzig, chair of
NewVa Capital Partners and Chief Investment Officer of Third Security. "We
believe Keraderm's device is an effective, more convenient, and safe
alternative for patients."
Keraderm represents the final investment by NewVa Capital Partners, LP, which
is invested in four other companies in the biotech, life sciences, and
technology sectors.
About Keraderm
Keraderm Corp., headquartered in Blacksburg Virginia, is an early stage
medical device company that has developed a patented, innovative, and
effective treatment for nail infections. The treatment eliminates the
potential serious side effects of current medications and has shown
encouraging results in preclinical and early clinical testing. The Company
believes that the ability to safely and effectively treat nail infections, the
low cost, and the shortened treatment time of the Keraderm light-based
solution will rapidly transform this billion-dollar-plus market. For more
information, visit www.keraderm.com
About NewVa Capital Partners, LP
NewVa Capital Partners, LP is a private equity/venture capital fund created to
make investments in companies that are considering initiating operations in,
currently operating in, or willing to relocate all or a significant portion of
their business to, the NewVa region of southwestern Virginia. The fund was
created in 2004 by its founding partners: Virginia Tech Foundation, Carilion
Clinic and Third Security, LLC. Third Security RNR LLC is the general partner
and manager of the Fund. Third Security, LLC is the manager and operator of
Third Security RNR LLC. For more information, visit www.newvafund.com.
About Third Security, LLC
Third Security is an independent private equity and venture capital firm
formed in 1999 to manage investments in public and private companies. Third
Security evaluates opportunities in a wide range of industries, but
principally focuses on emerging through late-stage investments in life
sciences and information technology. For more information, visit
www.thirdsecurity.com.
SOURCE Third Security, LLC
David Snepp, Director, Communications of Third Security, LLC, +1-540-633-7900,
david.snepp@thirdsecurity.com
