Targeted drug delivery co PolyPid raises $2.4m

PolyPid's first product BonyPid has demonstrated a clear, positive effect in bone recovery processes.

Targeted drug delivery company Polypid Ltd. has raised $2.4 million in a third round of financing from new and current investors, at a company value of $17.4 million, after money. The closing of the financing round was reported by Xenia Venture Capital Ltd. (TASE:XENA), which has invested $170,000 in the latest financing round and now holds a 19.08% fully diluted stake in Polypid.

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.

Earlier this month PolyPid announced positive preliminary results of a first clinical trial with its BonyPid product. In the study, BonyPid demonstrated a clear, positive effect in bone recovery processes, following its early implantation onto the bone void fractures performed in the first surgical procedure. The clinical trial was conducted in 16 males and females, aged 18-70, who experienced major trauma associated with severely open long-bone fractures.

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 raised $1.4 million from private investors in its first financing round in 2010, and $2 million in its second financing round in January 2012 at a company value of $10 million, after money.

Published by Globes [online], Israel business news - - on December 31, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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