University of Missouri, Columbia spin-out secures investment as it gears up for a $10m round.
EternoGen Aesthetics, a cosmetics spin-out of University of Missouri, Columbia, has raised $1m from undisclosed investors. It raised the money as legal entity Dermelle.
Further, a filing with the US Securities and Exchange Commission reveals that the spin-out is gearing up for a $10m equity funding round. It has secured the first $100,000 from an unnamed investor.
The spin-out, which raised $1.065m in July 2013, is working on an alternative to botox. Whereas the latter works by restricting muscle movement to get rid of wrinkles, EternoGen’s solution is a nano-engineered collagen that is capable of restoring and repairing skin.
The company aims to grow to $100m in revenue by 2019. It is hoping to launch in Europe ahead of seeking approval from the US Food and Drug Administration.