StimuSIL Launches With a Strategic Investment by GEN
Delaware, US, and Ankara, Turkey, December 22nd, 2021
StimuSIL, Inc. (“StimuSIL”), a preclinical stage aesthetics company developing proprietary patented methods for photobiomodulation, today announced the closing of financing led by GEN İlaç ve Sağlık Ürünleri Sanayi ve Ticaret A.Ş. (“GEN”), a publicly-traded company (IST: GENIL), and leading specialty pharmaceutical company in Turkey. In addition to GEN’s investment, StimuSIL and GEN are entering into an exclusive distribution agreement that grants GEN rights to commercialize StimuSIL’s products in Turkey, the member countries of the Commonwealth of Independent States (“CIS”) including Russia, and the countries in the Middle East and North Africa (“MENA”).
Under this collaboration, StimuSIL will continue the development of its lead candidate for androgenetic alopecia (AGA), the most common type of hair loss, for which FDA Approval and CE Marking are expected by 2024.
“This strategic agreement with GEN provides us with an opportunity to work with a partner that has deep development and commercial expertise and shares our focus in pursuing novel treatments for patients with conditions where there are few effective options”, said Ana Villalba of StimuSIL. “We are excited to collaborate with GEN to advance our hair loss treatment and to further demonstrate the potential of our platform for other aesthetic indications.”
“We are proud of our reputation as one of Turkey’s leading specialty pharmaceutical and medical companies and are excited by the partnership with StimuSIL. By investing in promising high technology companies, we aim to bring innovative medicines and novel medical devices to patients in various countries in the fastest and most reliable way possible. For this purpose, we also commit to supporting StimuSIL’s research and development studies for its groundbreaking subdermal illumination with laser technology platform.” said Abidin Gülmüş, Chairman of GEN.
GEN is the leading specialty pharmaceutical company in Turkey, with more than 20 years of experience. The company partners with global pharmaceutical companies to bring innovative therapies and rare solutions to the Turkish community. It’s compliant with ethical and scientific principles and strives to set the best standards for quality, safety, and value in the manufacture, production, and distribution of health care products. With its GMP-certified production facility and R&D center based in Ankara, it offers solutions around the globe in the treatment of rare diseases and disorders. In addition to its HQ and offices in Turkey, GEN has a branch in Germany, and representative offices in Russia, Kazakhstan, Uzbekistan, and Azerbaijan.