New Name, New Funding for Startup CaraMedica Pharmaceuticals
Posted December 27, 2005 7:16 a.m. EST
RESEARCH TRIANGLE PARK, N.C. — A startup focused on the cosmetic surgery market has a new name as well as a new round of venture funding.
CaraMedica Pharmaceuticals is the new name for Medicor Pharmaceuticals, a company launched in September of 2004.
The new name is based on the Latin "cara" for face and "medica" for medicine.
In addition to disclosing the name change, Damon Race, the company founder and chief executive officer, said CaraMedica had closed on an oversubscribed round of financing.
"We secured our initial investment on more favorable terms from the angel investment community and were oversubscribed," Rice said in a statement. "This funding allows us to market our products to cosmetic surgeons and dermatologists nationwide."
Race did not disclose the amount of the funding, and a spokesman for the company also declined comment to WRAL Local Tech Wire. The company also declined to disclose the names of the angel investors.
However, in a recent story in The Triangle Business Journal, Race said he had his sights set on raising $1.5 million. With the funds, the company plans to begin building a sales force. It already has one drug product under license.
Hutchison & Mason is the law firm representing CaraMedica. . "The financing round is a testament to the investment community's recognition of the entrepreneurial management team's ability to execute on the company's innovative concept," said Merrill Mason of Hutchison & Mason.
CaraMedica is focused on pharmaceutical sales, marketing and development.
In May, CaraMedica announced a licensing deal with Advanced Bio-Technologies for the sale of a patented gel and spray treatment of scars called BioCorneum.
The company hopes to offer a variety of products to take advantage of the growing plastic surgery market. Citing figures from the American Society for Aesthetic Plastic Surgery, CaraMedica said nearly 12 million Americans underwent cosmetic procedures in 2004, up 44 percent from 2003.
"CaraMedica is well positioned to capitalize on this growth with a portfolio of branded after care products that enable patients to shorten recovery time, accelerate results and extend the benefits of the surgery," the company said in a statement.
Race worked for Biovail Pharmaceuticals before launching the new venture, which was launched in May of last year. It is based at the First Flight Venture Center in RTP.
Race has considerable experience in marketing and sales of products, having been involved in more than 18 product launches and having designed more than 30 sales forces. In addition to Biovail he has worked for Dura/Elan and DJ Pharma.
CaraMedica also recently expanded its management team, hiring a vice president of commercial operations, a director of marketing and a logistics and customer services manager.