The company has arisen out of patented research conducted by Prof. Tony Weiss’s group at the University of Sydney and their first clinical trials have demonstrated the biocompatability and safety of their synthetic human elastin. Elastagen is based in Sydney, Australia, and is a venture-backed private company. Investors include ATP Innovations, Brandon Capital and GBS Ventures.
They received $2M in the inaugural NSW Health Medical Devices Fund in 2013 and another $4m in the 2016 round. In 2015 Prof. Tony Weiss won a $1 million Translation Award from the Wellcome Trust to fast track their elastin-based synthetic skin scaffolds to clinical trials. This allowed them to refine and optimise its physical and biological properties, so this innovative material can be tested for its safety and efficacy in repairing full thickness skin wounds.
Prof. Weiss’s research team continue to use Microscopy Australia as they keep working to understand the details of how elastin functions. This enables them to develop new applications for this amazing protein including MeTro, a UV-settable surgical glue made of modified elastin.
Elastagen was sold to Allergan in 2018 for $120M+ to fully commercialise Elastagen’s discoveries.
September 24, 2015