NanoPass Technologies Ltd., which develops and commercializes skin delivery solutions for vaccines and large molecules, announced today it recently closed a new round of financing, led by Israel HealthCare Ventures (IHCV). The company declined to say how much was raised but it is believed to have been several million dollars.
The Nes Ziona-based company said that the capital raised will be used to accelerate the market penetration of its leading applications through additional licenses with pharmaceutical companies.
As part of the financing, Dr Hadar Ron, Managing Partner of IHCV, has joined the NanoPass's board of birectors. The company said that Marvin Samson has also been appointed as a director. He is the founder and CEO of Samson Medical Technologies and was formerly Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) group vice president - worldwide injectables.
NanoPass CEO Dr. Yotam Levin said, "By utilizing our technology for nearly painless, shallow and consistent delivery of vaccines, we have demonstrated in a recent phase II study that we actually improve the immune response of seasonal flu vaccines in the most challenging and important population of all, the elderly, despite the fact that we are using only 20% of the dose. This is an enabling technology which allows reducing the dose, improving the vaccination effect and at the same time improving patient comfort and compliance, making it an attractive proposition for healthcare payers, vaccine companies, doctors and patients".
IHCV managing partner Dr. Ron said, "The potential of the company's technology is much broader than the vaccine markets and the team is determined to expand into lucrative applications such as insulin delivery, aesthetics and more."
Published by Globes [online], Israel business news - www.globes-online.com - on July 31, 2012
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