Kerecis Company Profile

Background

Overview

Kerecis is an Icelandic biotechnology company specializing in the development, manufacturing, and distribution of medical devices derived from fish skin, particularly cod. Founded in 2010 by Fertram Sigurjonsson, the company is headquartered in Ísafjörður, Iceland, with regional offices in the United States, Switzerland, and Germany. Kerecis employs over 620 individuals globally, including a dedicated salesforce in the U.S.

Mission and Vision

Kerecis aims to extend human life by supporting the body's ability to regenerate tissues. Its vision is to become a world leader in regenerating damage to the human body by sustainably harnessing nature's own remedies.

Industry Significance

Kerecis is a pioneer in utilizing fish skin for tissue regeneration, offering a sustainable and effective alternative to traditional wound care treatments. The company's innovative approach has positioned it as a leader in the biologics wound care segment, particularly in the United States.

Key Strategic Focus

Core Objectives

Innovation in Tissue Regeneration: Develop and commercialize fish skin-based medical devices that promote tissue healing and regeneration.

Sustainability: Utilize sustainably sourced fish skin from Icelandic waters, processed with 100% renewable energy, to minimize environmental impact.

Areas of Specialization

Wound Care: Products designed for chronic and acute wounds, including diabetic ulcers and surgical wounds.

Burn Care: Solutions tailored for burn treatment and recovery.

Surgical Applications: Products intended for use in reconstructive and plastic surgeries.

Key Technologies Utilized

Fish Skin Technology: Decellularized fish skin that retains its natural structure and Omega-3 fatty acids, promoting tissue regeneration.

Digital Tools: Artificial intelligence (AI) and machine learning applications to streamline administrative tasks and enhance customer experience.

Primary Markets Targeted

United States: The largest market, accounting for over 95% of Kerecis's revenue, with a dedicated salesforce covering 250 territories.

Europe: Including Switzerland, where Kerecis's products are approved for reimbursement.

Financials and Funding

Funding History

Series D Financing (August 2022): Secured $100 million led by KIRKBI, valuing the company at $620 million.

Series C Financing (June 2019): Completed a $16 million funding round to support U.S. and Swiss market expansion.

Notable Investors

KIRKBI: The family holding and investment company behind the LEGO Group.

Emerson Collective: A Silicon Valley-based organization investing in innovative companies.

Icelandic Pension Funds: Including BRU and LSV.

Utilization of Capital

The funds have been allocated to accelerate product development, expand market presence, and enhance operational capabilities, particularly in the U.S. and European markets.

Pipeline Development

Key Pipeline Candidates

MariGen®: Fish skin-based grafts for chronic wounds, including diabetic ulcers.

GraftGuide®: Designed for burn care applications.

SurgiBind®/SurgiClose®: Intended for surgical and trauma wounds, including reconstructive surgeries.

Stages of Development

FDA Approvals: Kerecis Omega3 Wound was approved by the FDA in 2016, and SurgiBind/SurgiClose received FDA clearance in 2021.

Target Conditions

Chronic Wounds: Such as diabetic ulcers.

Acute Wounds: Including surgical and trauma-related injuries.

Burns: For both partial and full-thickness burns.

Anticipated Milestones

Market Expansion: Continued growth in the U.S. and European markets.

Product Line Extension: Development of new sizes and formulations to address a broader range of wound care needs.

Technological Platform and Innovation

Proprietary Technologies

Fish Skin Processing: Gentle decellularization methods that preserve the natural structure and bioactive components of fish skin.

Digital Platforms: AI-driven tools like Kerecis Current for real-time benefits investigation and Workspace for sales team efficiency.

Significant Scientific Methods

Clinical Studies: Over 50 studies demonstrating the efficacy of Kerecis products in wound healing.

Regulatory Approvals: Achieved CE marking in Europe and FDA clearance in the U.S.

Leadership Team

Key Executives

Fertram Sigurjonsson: Founder and CEO. Background in medical device innovation and biotechnology. Led Kerecis from inception to its current position in the market.

Leadership Changes

Acquisition by Coloplast (July 2023): Kerecis was acquired by Danish company Coloplast for $1.2 billion, with potential additional earnouts.

Competitor Profile

Market Insights and Dynamics

Market Size and Growth Potential: The tissue-engineered skin substitutes market is projected to reach nearly $3 billion by 2033, with the broader wound care management market expected to total $38.8 billion by 2030, growing at a CAGR of 3.4%.

Competitor Analysis

Integra LifeSciences: A leading competitor in the regenerative tissue market, with a broader product portfolio and higher revenue.

Organogenesis: Another significant player in the biotechnology sector, offering a range of regenerative medicine products.

Novadip: A biotechnology company focusing on regenerative medicine, with a smaller revenue base compared to Kerecis.

Strategic Collaborations and Partnerships

Significant Collaborations

Acquisition by Coloplast (July 2023): Enhanced market reach and resources for Kerecis's product development and distribution.

Operational Insights

Strategic Considerations

Market Position: Kerecis holds a strong position in the U.S. biologics wound care market, with a dedicated salesforce and significant market share.