Spiderwort has announced the successful completion of its US$13.2 million Series A financing round, the money of which will be used to further develop its biotechnology innovations aimed at treating acute spinal cord injuries.
The financing round was led by Horizons Ventures and supported by K5 Global, BoxOne Ventures and Break Off Capital. The investment will support the transition from pre-clinical studies to the clinical trials that are critical to bringing Spiderwort’s biomaterial to market.
Charles Cuerrier, CEO of Spiderwort, said: “We are grateful for the trust and support from our funding partners and investors. We are looking forward to continuing our journey with them. With the closing of this financing round, we are now in position to accelerate our product development program to bring CelluBridge and CelluJuve closer to patients. Our biomaterials have the potential to transform lives and we are eager to share them with the world.”
Spiderwort, whose biomaterials received US Food and Drug Administration (FDA) breakthrough device designation, uses plant-derived scaffolding to create a structure for real tissue to grow.
The company has two core products currently under development:
- CelluBridge—a proprietary cellulose-based biomaterial designed to promote the repair and regeneration of the spinal cord.
- CelluJuve—a cellulose-based dermal filler that can address different patient use cases including injury recovery and cosmetic enhancement.
Andrew Pelling, CSO of Spiderwort, commented: “The results in the lab are very encouraging. Spiderwort was founded on asking big questions and taking big risks and that work is now paying off. We are looking forward to moving our innovations to the clinic and improving the quality of life of people around the world. I am truly humbled to be working with a broad team of people who all have a remarkable commitment to scientific rigour which is a requirement for addressing devastating unmet medical needs.”
Patrick Zhang, investor at Horizons Ventures, added: “Spiderwort’s plant-based approach to develop breakthrough regenerative medicine and treatment options for multiple use cases and patient types is truly transformational. We are encouraged by the boundless potential of its products.”