BioAesthetics Announces Close of Series A, Doubles Initial $2.5M Target and Welcomes New Director
RESEARCH TRIANGLE PARK, NC. (Jan. 11, 2021) — BioAesthetics Corporation today announced that it has doubled its initial Series A funding goal of $2.5 million, closed on Dec. 30, 2020, at $5 million to commercialize its NACgraftTM biologic matrix— a regenerative nipple graft for breast cancer survivors. BioAesthetics’ Series A was co-led by FemHealth Ventures and personally by BioAesthetics’ Director Sandra Coufal, MD, of Sibling Capital Ventures.
BioAesthetics’ inaugural product, the NACgraft — for patients who are undergoing breast reconstruction following breast cancer and mastectomy — is a biologically-derived collagen scaffold in the shape of a NAC that integrates with a patient’s body to essentially regenerate the NAC for the patient. Like breast reconstruction, NAC reconstruction provides significant physical and psychological benefits for breast cancer/mastectomy patients. For those patients choosing breast reconstruction, they will be able to select NACgraft(s) based upon their size and shape preferences as part of the final steps of their breast reconstruction journey.
“We are very pleased to have had such interest in our Series A, allowing us to close it on Dec. 30, which will help us further accelerate the NACgraft commercialization,” said Nicholas Pashos, Ph.D., Founder and CEO of BioAesthetics. “On behalf of our Series A co-lead and Director Dr. Sandra Coufal, and the whole BioAesthetics team, we are thrilled with FemHealth co-leading this round and enthusiastically welcome their Managing Partner Maneesha Ghiya to our Board of Directors.”
In December, BioAesthetics announced that it was validating its clinical manufacturing process and would begin a collaborative clinical study at Stanford Medicine, expected to begin in early 2021. The clinical study will follow, over a 12-month period, 15 patients who receive nipple reconstruction with the NACgraft and previously underwent autologous breast reconstruction as part of treatment for breast cancer. The primary goal of the study is to evaluate healing time, with the secondary objectives of assessing patients’ satisfaction, well-being, self-esteem, body image, psychological well-being, nipple dimensions, and sensitivity.
“FemHealth Ventures is excited to co-lead the Series A round and support BioAesthetics through clinical development. As a women’s health-focused venture firm, we look forward to the NACgraft addressing an important need for many women. We are pleased to partner with the BioAesthetics team as they bring NACgraft to market,” said Maneesha Ghiya, Managing Partner at FemHealth Ventures.
This Series A also included funding from Joyance Partners, Arizona Technology Investors, the NO/LA Angel Network, The Pelican Fund, The Launch Place, New Orleans BioFund and IndieBio/SOSV; as well as significant support from angel investors.
“BioAesthetics addresses a significant unmet medical need in women’s health with a solution that is far better and more cost-effective than any others in the market,” said Venture Partner of Social Starts and Joyance Partners Emi Gonzalez. “We are thrilled to support the talented BioAesthetics team in building this innovative regenerative medicine company.”
BioAesthetics Corporation is focused on transforming lives through advancements in biomaterials. Founded as a spin-out of Tulane University in New Orleans, LA, BioAesthetics is now located in Research Triangle Park, NC. For more information on BioAesthetics, visit https://bio-aesthetics.com/.