Soluble Systems LLC Announces $12 Million Debt Financing through SWK Holdings Corporation
Will enable access to TheraSkin®, an effective real skin wound therapy, for additional millions of Chronic Wound Patients
NEWPORT NEWS, VA, June 5, 2015 – Soluble Systems LLC, a rapidly growing biotech company focused on commercializing regenerative therapies for the $5 Billion advanced wound care market, today announced closing on a $12 Million Debt Financing through SWK Holdings Corporation.
“The successful completion of this financing with SWK will allow millions of patients suffering from chronic wounds to access the healing power of TheraSkin®, a biologically active, real human skin wound therapy,” commented Allan Staley, CEO of Soluble Systems. “We also anticipate that our relationship with SWK, a finance company with focus on global healthcare, will add value to our strategic business development over the coming years.”
TheraSkin®, the most successful real skin wound therapy product in the United States, has grown rapidly over the last several years and is now available in several regions of the U.S., primarily through doctors practicing in Hospital Wound Care Centers. Since TheraSkin® now has nationwide Medicare reimbursement coverage, Soluble Systems intends to use this financing to duplicate success to-date for millions of patients in new geographies.
Brett Pope, CEO of SWK commented, “We are pleased to partner with Soluble Systems to help take advantage of the tremendous opportunity to expand the market for TheraSkin®. The skin graft market for treating chronic wounds is growing at a rapid pace, and we believe the unique attributes of TheraSkin® will allow it to become a leader in this attractive market.”
About TheraSkin®: TheraSkin® is a biologically active cryo-preserved human skin allograft for non-responsive chronic wounds. Its fully developed extracellular matrix (ECM) and living cells provide an “at-ready” supply of human growth factors, cytokines and collagen to jumpstart wound healing. TheraSkin® not only provides necessary growth factors and cytokines to treat chronic wounds, it also provides a large quantity of essential types of human collagens, in appropriate ratios, to support healing. This allows TheraSkin® to be used on more severe wounds with exposed bone, tendon, joint capsules or muscle.