Sirakoss, a spin-out of Aberdeen University, has raised £3.1m ($4.8m) in a series A led by Epidarex Capital.
Other backers of the round include Scottish Enterprise’s investment arm the Scottish Investment Bank and Worshipful Company of Armourers & Brasiers, a livery company situated in the City of London. The investment also secures a further £940,000 from government body Innovate UK through its Biomedical Catalyst award programme.
Scotland-based Sirakoss is developing a range of synthetic bone grafts. Typically, material for bone grafts are harvested from other parts of a patient’s body and implanted where they are needed. The process requires two invasive surgeries, therefore increasing the risk to a patient. Sirakoss’ technology removes the need for harvesting by implanting synthetic bone tissue which contains no animal or human tissue.
Brian Butchart, CEO of Sirakoss, said: “We are delighted to have closed this investment with Epidarex Capital as this validates the company’s belief in its outstanding and highly differentiated synthetic bone graft technology and the clearly defined commercial opportunity that this represents within a $2.5bn global market. This investment will enable Sirakoss to complete product development and to implement its regulatory strategy for both the European and US markets.”
