University of Sydney spin-off Elastagen, which has a product to fix stretch marks and acne scars, has been bought by multi billion dollar global biopharmaceutical Allergan, the manufacturer of Botox, for $US95 million ($A120 million).
Elastagen’s technology is based on human tropoelastin, the precursor of elastin which is a key component of youthful skin.
The startup is part of the Medical Research Commercialisation Fund portfolio, managed by Brandon Capital Partners.
“Our technology has come a long way from the lab bench at the University of Sydney towards developing products for patients around the world,” says Professor Anthony Weiss, Elastagen’s founding scientist.
“I thank my team at the University of Sydney and greatly look forward to seeing our science commercialized by Allergan.”
Elastagen’s tropoelastin is identical to that present in human tissue and has many potential clinical applications, including treatment for acne scars, stretch marks, skin repair and surgical wound repair. Read more
Chris Pash – Business Insider Australia – 7 Feb 2018