Fe3 announced today that it has closed a $11 million Series B round do further develop its transdermal patch that delivers iron for anemic patients.
The San Antonio, Texas-based company comes out of the InCube Labs incubator. The next phase for Fe3 is clinical trials in order to obtain CE Mark and FDA approval.
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The primary market for those who could benefit from this patch are people losing blood from menstruation or the gastrointestinal tract, those with chronic illness such as kidney failure, cancer, Crohn’s and GI disorders, as well as increased iron needs during pregnancy.
The round of financing was led by Jianmin Pharmaceuticals, HG Capital and PingAn Ventures. The company also brought on Mark Sieczkarek, on as CEO. Sieczkarek’s previous experience includes serving as Chairman & CEO, Solta Medical, Inc., acquired by Valeant Pharmaceuticals International; President & CEO, Conceptus, acquired by Bayer Pharmaceuticals; and executive positions at Bausch & Lomb and Bristol-Myers Squibb.
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