Novartis powers drug delivery specialist to $40M funding round

Novartis headquarters
Novartis was joined by Molex Ventures in the financing round. (Novartis)

Credence MedSystems has topped up its bank account again. With Novartis coming on board as an investor, the California-based company has reeled in $39.9 million to boost production of injectable drug delivery systems.

Since sharing details of Novartis' investment in January, Credence has posted additional regulatory filings about its fundraising activities. The fundraising total has gone from around $15 million late last year to almost $40 million today, giving Credence the means to increase its manufacturing to meet pent-up demand in the market. 

“Our immediate focus is on implementing the production capacity to support our customers’ needs, including GMP production for clinical use,” Jeff Tillack, Credence’s chief operating officer, said in a statement. Molex Ventures contributed to the financing round.

RELATED: Novartis invests in Credence for injectable delivery scale-up

Credence has two lead drug delivery products, namely the Companion safety syringe system and a dual chamber reconstitution system. The devices are designed to enable drugmakers to differentiate their medicines, for example through features that prevent reuse and needlestick injuries, without diverging so far that it no longer fits with filling lines and makes the process unfamiliar to patients. 

While stepping up production is the primary focus, the size of the financing round leaves Credence with money to fund development of its connected health programs. Credence is working on a device, branded Connect, that will add digital connectivity to any syringe. The plan is for Connect to capture information about an injection automatically and relay it to a smartphone and the cloud. 

Credence sees the add-on technology as a way to improve chronic disease management and clinical trial compliance.