Vicept Therapeutics Inc., a developer of topical treatments for skin disorders, has completed a $16 million Series A round of funding.
The Malvern, Penn. company plans to use the cash to fund Phase 1 and 2 development of V-101, the company’s lead product for the treatment of rosacea, a chronic skin condition that causes redness in the face.
Vicept estimates that 45 million people across the world are affected by rosacea.
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The funding round was led by California-based Vivo Ventures, California-based Sofinnova Ventures and Massachusetts-based Fidelity Biosciences, according to a statement from Vicept.
Vicept also plans to use the money to investigate other drugs for the treatment of skin conditions, including bruising and actinic purpura, which results from sun damage to the skin.
A regulatory filing with the Securities and Exchange Commission shows the amount the company raised to be $15.79 million, from 12 investors. The fundraise comes entirely in the form of equity, with about $545,000 of it slated to be used as payments to company executives.
Vicept was co-founded last year by dermatologist Dr. Neal Walker, who works as the company’s CEO.
