Targeted drug delivery company PolyPid Ltd. has raised $2 million in a second round of financing from new and currest investors, at a company value of $10 million, after money. PolyPid's drug delivery platform is based on fusion between two known delivery platforms: polymers and lipid-based systems, which enables the targeted and long-lasting release of active pharmaceutical ingredients (APIs).
PolyPid's first product is BonyPid, a biodegradable bone void filler that is nano-coated with a biodegradable formulation, which gradually releases one or more selected antibiotics into its surroundings. Subsequently, the bone void filler scaffold remains and supports bone recovery.
PolyPid's patented platform can be tailored to almost any API, including small molecules, peptides, proteins and nucleic acid. The formulations can be pre-programmed to achieve the desired release rate of the APIs and the optimal duration, which can last up to several months.
PolyPid founder and CTO Dr. Noam Emanuel said, "The proceeds will be used to further invest in R&D to bring additional products to the market, and to conduct a clinical trial that will treat patients with open fractures.
PolyPid raised $1.4 million from private investors in its first financing round in 2010. Investors include Xenia Venture Capital Ltd. (TASE:XENA), which owns 24.1% of the company, and invested $300,000 in the present round.
Published by Globes [online], Israel business news - www.globes-online.com - on January 26, 2012
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