Silk Therapeutics to launch in new personal care categories and move into retail
The $6m raised in this latest round brings the company’s total series A funding up to $10.25m.
"This round of funding has far exceeded our expectations and we are grateful to our partners for their support of our proven silk technology platform to create products that enhance human health and wellness," says Greg Altman, CEO and co-founder of Silk Therapeutics, in a press release.
Several investors participated in the funding round, chief among them The Kraft Group. Others include Sheri and Roy P. Disney, Dr. Richard Sackler of Summer Road LLC, Erin Donahue and Ron Bresler, BML Group, Altman Health Investments,
Lear Corporation, and Highland Consumer Partners.
Business strategy
The current product line comprises facial skin care items like moisturizers and serums. “We now have the capabilities and team in place to advance our research and expand our product offerings, while educating the market and demonstrating the benefits of pure silk," explains Altman.
The Medford, Massachusetts – based company plans to next formulate anti-aging as well as body care products. And Silk Therapeutics will eventually move into the sun care category too.
Silk Therapeutics is a bioengineering company that’s focused on discovering how silk proteins can be used to create health care and personal care products, for now that means skin care in both industries.
“Our line will still be accessible to women at the most vulnerable stages, going through chemotherapy, remission, or pregnant or nursing,” Altman tells Jessica Bartlett of the Boston Business Journal. But, he adds, “we’ve found there’s a tremendous demand outside of oncology for skin care that can support ultra sensitive skin.”
Plus, Altman tells Bartlett that “he hopes to find a retail partner in the year ahead to put the product on store shelves.”
Scientific innovation
As of October, Silk Therapeutics holds the patent on its signature ingredient—a non-GMO, stable liquid silk protein or fibroin.
Speaking with Cosmetics Design shortly after the patent was granted, Altman explained the technology: “Through our patented process, we separate these two parts, and then return the fibroin to a pure, stable liquid form. We discard the sericin portion, because for a very few individuals, it could have some antigenic properties. Each Silk Therapeutics product uses silk fibroin as the primary ingredient.” And consistent with consumer expectations for ethically obtained ingredients, the company’s sourcing methods are “cruelty-free.” Altman tells Cosmetics Design that the patented technology “does not rely on or use reeled silk fiber, but rather [purifies] its natural silk directly from the cocoon of the B mori silk moth following metamorphosis.”
