Germany's leon-nanodrugs GmbH announced the closure of its €18.5 ($20.4 million) Series A preferred stock offering. The company develops oral and parenteral reformulations of generic active pharmaceutical ingredients using its patented MJR nanotechnology platform.
The company touts its reformulations' improved bioavailability, solubility and dissolution rate. Leon says it achieves those drug delivery feats by increasing the surface area of its candidates thanks to the use of nanoparticles that are 100-500 nanometers. And the increase in bioavailability means the formulation needs to contain a lower concentration of the active ingredient, which reduces side effects, the company's website says.
Leon's MJR PharmJet nanotechnology and manufacturing platform consists of a jet reactor that mixes water and organically dissolved active pharmaceutical ingredients together to form nanoparticles in less than a millisecond, according to the company's website.
|Dr. Wolfgang Beier|
"With our unique network of interdisciplinary drug-development capabilities and our leading nanotechnology platform, we are a reformulation expert for high barrier generics for proactive product life-cycle-management or line-extensions as well as the development of novel nano-and micronized drugs," leon-nanodrugs GmbH medical director and co-founder, Dr. Wolfgang Beier, said in a statement.
The company says it plans on using the financing to expand its service offerings, which include assistance with clinical trials and project management. It also aims to enter co-development deals with pharmaceutical partners.
The international financing was led by TVM Capital Life Science, based in Germany and Canada. In a statement, leon co-founder Cornelia Beier said the VC's global reach will help the company commercialize its candidates internationally.
The deal is TVM's first German investment since 2009. Other investors include the U.S.'s Signet Healthcare Partners, Switzerland's LifeCare Partners, Germany's CD-Venture, and Australia's Albany Private Equity Holding.
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