Second deal in a month
Epidarex offloads Aberdeen spin-out Sirakoss
Sinclair Dunlop: second successful investment exit
Aberdeen university life sciences spin-out Sirakoss has been acquired by Swedish medtech company OssDsign in a deal worth £8.4 million plus milestone and royalty payments.
It is a second realisation of a portfolio investment this quarter by Edinburgh and Maryland venture capital firm Epidarex Capital.
Sirakoss has developed Osteo ZP Putty, a nanosynthetic bone graft substitute to facilitate bone repair, which recently received marketing clearance from the US Food and Drug Administration.
Osteo ZP Putty has been designed to provide surgeons with an innovative and easy-to-use product for filling voids during spine and trauma bone grafting procedures. The product complements OssDsign’s portfolio and commercial activities in the US are expected to begin immediately.
Epidarex Capital, which has offices in Maryland in the US, and George Street, Edinburgh, led the 2014 Series A and subsequent financings of Sirakoss following its spin-out from the University of Aberdeen.
Last month a program for the treatment of cystic fibrosis by Epidarex Capital portfolio company Enterprise Therapeutics, was acquired by Roche in a deal that included a £75m upfront payment with additional milestone payments.
Enterprise will continue with its development of other novel therapies to improve the lives of patients suffering with respiratory disease. Epidarex was the founding investor in Enterprise in 2015 and was instrumental in shaping the business strategy with its scientific founders and management.
Sinclair Dunlop, managing partner at Epidarex, said: “We are proud to have been part of the Sirakoss success story and are excited that under the ownership of OssDsign Osteo ZP Putty will be made available to surgeons and patients.
“This is our second successful investment exit this quarter, adding to our strong track record of creating companies with the potential to transform patients’ lives and generate competitive investor returns.
“It is rewarding to see the success of our differentiated approach to building companies from world-class life science research in emerging hubs.”