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§ Private Profile · Sydney, Australia
Biotechnology startup developing clinical-stage medical devices for tissue repair and skin regeneration, focused on tropoelastin biomaterials.
Elastagen is a Sydney, Australia-based biotechnology company that develops clinical-stage medical device products utilizing recombinant tropoelastin for tissue repair and skin regeneration. The organization focuses on creating biomaterials identical to human proteins to address medical aesthetic applications, including targeted treatments for stretch marks, severe acne scars, and dermal fillers. Prior to its exit, the biotechnology startup secured $5 million in Series A funding backed by venture capital firms Brandon Capital and GBS Venture Partners. In February 2018, pharmaceutical corporation Allergan acquired the business for an upfront payment of $95 million, alongside contingent milestones that brought the total reported transaction value to $120 million. Following the acquisition, the company's regenerative medicine technology was integrated into the acquirer's existing Juvederm dermal filler portfolio to expand its clinical capabilities. Elastagen was founded in 2005 by Anthony Weiss.
Elastagen has raised $9.0M across 1 funding round.
Elastagen has raised $9.0M in total across 1 funding round.
Elastagen is a clinical-stage medical biotechnology company developing tissue repair products based on recombinant human tropoelastin, the precursor to elastin, a key protein enabling stretch and recoil in skin, lungs, arteries, and ligaments.[1][2][3] It serves patients and clinicians addressing skin conditions like acne scars, stretch marks, and surgical wounds, solving problems of poor tissue regeneration by accelerating healing and restoring elasticity with products shown effective in clinical trials.[1][2][4] The company built injectable and device-based therapies, achieved pivotal growth through acquisition by Allergan (now AbbVie) in 2018 for an upfront US$95 million plus milestones—totaling up to US$260 million—and continues advancing its pipeline under AbbVie with ongoing trials and 176 patents.[2][4]
Elastagen emerged from intellectual property developed over three decades by Professor Tony Weiss at the University of Sydney, who pioneered recombinant tropoelastin production after recognizing its untapped potential for tissue repair in the 1990s.[1][2] The company was founded when it acquired rights to this elastin technology, quickly attracting funding from leading Australian and international life sciences venture capital firms.[1] Early traction included expanding operations from Australia to Europe for production and the UK for clinical work, completing four clinical trials, and demonstrating efficacy in stretch marks, acne scars, and wounds—culminating in Allergan's 2018 acquisition.[1][2][4]
Elastagen rides the wave of regenerative medicine and advanced biomaterials, capitalizing on biotech advances in protein engineering to address aging populations' demand for non-invasive skin rejuvenation and wound care.[2][4] Timing aligns with rising aesthetics market growth—projected to exceed $20 billion globally—and post-pandemic focus on scarless healing, amplified by genetic tech progress enabling scalable tropoelastin since the 1990s.[2] Market forces like Allergan's Juvederm portfolio expansion favor it, positioning tropoelastin as a breakthrough for injectables; it influences the ecosystem by validating university spinouts, inspiring Aussie biotech entrepreneurship, and paving ways for elastin-based devices in cosmetics and beyond.[1][2][4]
Elastagen's tropoelastin platform, now fortified by AbbVie, eyes regulatory approvals and launches for acne scars, stretch marks, and wound devices, with Professor Weiss driving novel structures like cosmetic injections.[2] Trends in personalized regen-med, AI-optimized biomaterials, and Asia-Pacific biotech hubs will propel it, potentially expanding to vascular or lung repairs. Its influence grows as a benchmark for IP commercialization, evolving from Sydney spinout to global standard-setter in elastic tissue tech—proving flexibility and strength truly pave biotech success.[2]
Elastagen has raised $9.0M across 1 funding round. Most recently, it raised $9.0M Series B in January 2016.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jan 1, 2016 | $9M Series B | — | Korea Investment Partners, AMOREPACIFIC Ventures, ATP Innovations, Brandon Capital, GBS Venture Partners | Announced |
Elastagen has raised $9.0M in total across 1 funding round.
Elastagen's investors include Korea Investment Partners, AMOREPACIFIC Ventures, ATP Innovations, Brandon Capital, GBS Venture Partners.