Posted on Friday 18 October 2013 by Ulster Business
Announcing the investment are John Hartnett, President of ITLG & SVG, Suzanne Saffie-Siebert, CEO of SiSaf, Mayor of San Jose Chuck Reed and Lord Mayor of Belfast Mártín Ó Muilleoir.
SiSaf, which is located in the Northern Ireland Science Park and the Irish Innovation Center in San Jose in Silicon Valley, is using the investment to complete the clinical trials of its innovative drug carrier system, SiSafe®.
The first application being trialled involves an application to cure acne more efficiently, and without any adverse side effects. The innovative drug delivery formulation could radically change the efficacy and safety of current acne skin treatments.
The funding has been provided by a consortium of investors, which includes Co-Fund NI, a fund created by Invest NI, Innovation Ulster Ltd, two angel investors and is being led by Silicon Valley Global Ventures (SVG Ventures) – a fund run by the Irish Technology Leadership Group (ITLG) in California.
Dr Suzanne Saffie-Siebert, Chief Executive of SiSaf commented: "The company is at a really exciting stage in its development. This funding allows us to begin critical clinical trials of SiSaf's innovative drug delivery super app. Once these trials have successfully concluded, SiSaf will be able to use the outcome across a number of platforms including animal vaccination and anaesthesia applications as well as the efficient treatment of acne."
SiSaf's chairman John Hartnett, who is the founder of ITLG and SVG, said: "We have seen considerable progress by SiSaf since it won the ITLG Innovation Awards in 2010 and we are delighted now to announce our 3rd follow on investment in this exciting biotech company."
He added: "I believe the potential for SiSaf to attract further large scale private equity capital investment is significant given its cutting edge bio-technology and the wide variety of applications."
Clinical trials of its new drug delivery system super apps will begin this month with comprehensive results expected Qtr 1 2014.
SiSaf's Dr Saffie-Siebert is currently in Silicon Valley at the Irish Innovation Centre meeting with the US investors to discuss plans for the next stage of the company's development and growth.
Tim Brundle, CEO of Innovation Ulster Limited (IUL), who is also on the trade mission, said: "Innovation Ulster Ltd is very excited by the rapid progress made by SISAF and I look forward to continuing the collaboration with the University of Ulster through the company's next stage of development."
Neil Simms from Clarendon Fund Managers who manage Co-Fund NI investments also commented: "Our investment in Sisaf Ltd takes our total investment from the Co-Fund NI to over £3.5mn and we are delighted to have made this recent investment in a company which is led by such an experienced and driven CEO. We are excited by the significant potential of this company and its drug delivery super apps."