Transdermal therapy start-up Fe3 Medical picked up a $3.5 million addition to its Series B funding round from the state of Texas bringing its total for the round up to $14.5 million, according to a report from Xconomy.
Fe3 operates out of San Antonio’s InCube Labs and is developing a skin patch designed to deliver iron to anemia patients blood stream with the use of an electric current.
The device is targeted for anemia patients who react poorly to iron pills or liquid supplements which the company said can upset the gastrointestinal system.
“We are delighted that the state of Texas has remained engaged over the years and that they continue to be excited about Fe3’s potential to dramatically improve the lives of millions of iron deficiency anemia patients who cannot tolerate oral iron,” CEO Mark Sieczkarek said, according to MySA.
The investment isn’t the 1st from the state of Texas, which invested $2.8 million into Fe3 in 2010, according to Xconomy.
The state of Texas placed Sweetwater Capital Partners venture partner Joseph Siletto on the board of Fe3 as part of the investment. Other investors in the round included Jianmin Pharmaceuticals, Hua Gai Medical, Ping An Ventures and InCube Ventures.
