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Solascure - up 66%
In brief
The company
Solascure are working to revolutionise wound care. Its proprietary technology leverages biomimicry and evidence-based medicine to develop treatments for patients with chronic wounds. Its product, Aurase® Wound Gel, is a hydrogel containing an enzyme – isolated and cloned from medical maggots – being developed to find a solution to inadequate debridement procedures.
The numbers
Access co-invested in SolasCure alongside a super angel with a weighted IRR of 66%. Their other investments include Geospock, Healx, and Gelmetix.
Insights from the Founder, Dr Sam Bakri:
1. SyndicateRoom: How do you feel about the progress Solascure has made so far, and what are your plans for the future?
Sam Bakri: SolasCure has made fantastic progress, originating from cutting-edge laboratory research just a few years ago, to now being a clinical stage company. To get to this point, we’ve completed all initial R&D, a comprehensive toxicology programme, pre-clinical testing and have received regulatory approval to proceed to our first in human study in three countries.
Our current focus is the Phase 2a trial. Once this is complete we expect to perform additional trials, with a view towards market entry around 2026. I would like to thank Syndicate Room investors for their generous support, which has been critical in allowing us to execute on our operational plan to-date.
2. SR: What have been some of the biggest challenges you’ve had to deal with?
SB: As for all biotech companies, navigating the ever-changing regulatory environment is an ongoing challenge and it is critical to keep our eyes on the horizon. At SolasCure, we’re delighted to have received approval to proceed with clinical trials from the MHRA (UK regulator), FDA (US regulator) and OGYEI (Hungarian regulator). And, of course, the pandemic has also presented its own challenges which we’ve managed to overcome.
3. SR: How important has VC funding been to the continued operation of your business?
SB: VC funding is an important pillar of our diverse investor base, which also includes strategic investors, angel investors and crowdfunding platforms such as Syndicate Room.
Seneca Partners, a VC based in NW England, participated in our Series A investment round and we are also proud to have support from VCs including the Bionova Capital as well as the Development Bank of Wales.
4. SR: What’s the next key milestone you’d like to hit?
SB: Our next key milestone is the completion of our Phase 2a trial, which is our first in human trial.
5. SR: What are your main goals for the next 12 months?
SB: Our primary goal is the completion of the Phase 2a trial, while also seeking to further optimise our formula.
6. SR: If you could go back in time, is there anything you would do differently as a founder?
SB: Whilst overall I’m delighted with our progress which you can read more about in our latest press release here, in hindsight I would have engaged more clinical sites earlier.
7. SR: What advice would you give to other founders in the early stages of starting a business?
SB: Undoubtedly one of the keys to SolasCure’s success has been the high caliber of our experienced team and the invaluable support provided by our community of advisors and Board Members.
The road to building a business is fraught with challenges for any founder, so bringing together a motivated group of brilliant people to navigate these obstacles and support each other is critical!
Find out more about SolasCure on its website.
Find out more about our fund, Access EIS.
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