Fount Bio closes Series A financing led by Morningside Ventures to advance Flī-HA platform technology to clinical proof of concept.
Fount Bio, Inc. successfully closed a Series A round of financing led by Morningside Ventures. This initial investment will be focused on progressing Fount Bio’s, Flī-HA (functional ligand hyaluronic acid) technology forward into clinical evaluation for aesthetic and dermatological indications. Anthony Aiudi and Justin Burns from Morningside Ventures will be joining founders Samir Mitragotri and Doug Levinson on Fount’s Board of Directors.
“We are thrilled to come in at this early stage and support development of Fount Bio’s Flī-HA platform technology and their lead product concept. Our focus is on supporting compelling and novel innovations that have the potential to change the category or treatment paradigm. We have a strong track record of breakthrough and FastTrack programs under our belt and we feel that the innovation being developed by Fount Bio in Flī-HA has the potential to follow suit.” Anthony Aiudi, Morningside Ventures.
Hyaluronic Acid (HA), is a naturally occurring component that serves a key role in various tissues throughout the body, including skin, eyes, joints and mucosa. Topical delivery of HA into tissues like skin has been long sought after but has not been possible to date given the large size of HA. Flī-HA technology overcomes longstanding delivery and biostability challenges associated with large HA glycopolymers and enables them to be topically delivered – either onto tissue surfaces or deeper within tissues – and with long duration retention.
“I am extremely excited about our partnership with Morningside Ventures and their longstanding commitment to supporting and advancing development of novel high-impact products based on breakthrough technologies. The Morningside team brings tremendous value to Fount Bio and enables us to translate our proprietary hyaluronic acid (HA) Flī-HA platform technology into exciting and innovative new products. The unmet need for targeted, topical HA delivery presents a real opportunity and we hope to demonstrate the potential in aesthetics and dermatology as well as future categories as we further the development of Flī-HA” – Douglas Levinson, Fount Bio Founder and CEO
Fount Bio’s initial focus is to develop Flī-HA-based products for the aesthetics, medical dermatology, and consumer beauty markets. In the medical aesthetics area alone, HA-based injectable products generate sales approaching $6B annually.
Beyond the initial focus on aesthetic and medical dermatology applications, Fount Bio is exploring development of products across a range of high potential market categories where Flī-HA can provide important and distinct advantages.
About Morningside Ventures
Founded in 1986 by the Chan family, Morningside is a technology and life science venture investment firm. With offices in Boston, Shanghai and London, the firm invests globally. The group is managed by investment professionals who are entrepreneurial, have deep industry knowledge and are effective in the local environment in which they operate. In addition to its investment activities, Morningside Ventures is strongly committed to social responsibility. For more information visit www.morningside.com
About Fount Bio
Fount Bio is a life science company developing a pipeline of innovative products for medical and beauty applications based on proprietary biopolymer technology that combines proprietary innovations in biorthogonal chemistry and biopolymer science. Fount Bio’s Flī- technology platform represents a novel approach to overcome key challenges associated with delivery of large glycopolymers like HA, allowing tailored placement onto tissue surfaces or within tissues where they are retained for extended periods of time. Our Flī-HA platform technology delivers Hyaluronic Acid (HA), a naturally occurring and necessary component present in various tissues throughout the body, including skin, eyes, joints and mucosa. For more information visit www.fountbio.com