NanoMedical Systems snags $2.3M to develop drug-releasing implant

Texas drug-delivery company NanoMedical Systems has raised $2.3 million on its way to a planned $3 million total to finance its personalized molecular drug delivery system, according to a report in the Austin Business Journal. The platform is a small implantable capsule that uses a silicon chip with nanochannels to release drugs at a constant rate over time--NanoMedical says the device could do so for up to a year. On top of the recent funding, the Austin-based company, founded in 2007, won $3.5 million from the Texas Emerging Technology Fund in 2009. More