Silk Therapeutics Over-Subscribes Financing

Silk Therapeutics, Inc., announced that the Company has closed $3 million in Series A1 financing, exceeding the Series A1 funding goal by fifty percent. The Company has now raised a total of $4.25 million in Series A and Series A1 rounds. The Series A1 round was led by The Kraft Group of Foxboro, Massachusetts, with participation by Sheri and Roy P. Disney; Richard Sackler, MD, with Summer Road, the Richard Sackler Family’s New York investment office; Erin Donohue and Ron Bresler, BML Group; and Altman Health Investments.

Sheri Disney, a founder of the Sheri and Roy P. Disney Center for Integrative Medicine at Providence St. Joseph Medical Center, is joining Daniel A. Kraft, Executive Vice President of The Kraft Group, on the Silk Therapeutics Board of Directors.  Dr. Sackler, a Director and former President of Purdue Pharma, is joining as a Board observer and senior advisor to Silk Therapeutics. Dr. Sackler will also serve on the Company’s Scientific Advisory Board. Erin Donohue, a former executive at Louis Vuitton North America, Givenchy Canada and Four Seasons Hotels and Resorts, is joining the Company’s Strategic Advisory Board.

«The successful closing of our round of financing demonstrates our investors’ interests in pure and powerful skincare in the anti-aging and skin health market segments, as well as the potential of our proprietary liquid silk technology in multiple dermatology, medical, textile and consumer markets,» said Gregory Altman, PhD, Chief Executive Office and co-Founder of Silk Therapeutics. «We are focused on completing the development and launch of our clean, luxurious skincare lines for consumers, patients and professionals, and are encouraged that our early product releases have been very well-received.»

In addition to the Company’s luxury, anti-aging skincare products, Silk Therapeutics is also planning to launch its ultrasensitive skincare treatment line during the second half of this year.  These products are designed as a pure and safe option for those with extremely sensitive skin, for conditions such as eczema, and for oncology patients undergoing chemotherapy and radiation, to heal, soothe and restore damaged and inflamed skin.

«We now have four highly experienced and successful investor groups behind our company, bringing their expertise and vision, and helping to advance our mission to improve the health and wellbeing of our customers,» added Dr. Altman. «We are grateful to have the guidance of Sheri and Erin in the consumer and luxury goods space, as we prepare for the full launch of our clean, anti-aging skincare lines, and look forward to working closely with Dr. Sackler as we explore potential applications in multiple healthcare and medically-regulated markets.»

The founders of Silk Therapeutics, Altman and Rebecca Horan, PhD, the company’s Chief Operating Officer, are biomedical engineers world-renowned for pioneering silk science to improve human health. They have worked together for more than 15 years, developing silk-based platform technologies for applications in diverse medical specialties, including orthopedics, plastic surgery, general surgery and women’s health.