Biograil secures seed funding for oral delivery device with potential to transform market for injectables
Biograil ApS, an innovative biotechnology company developing a unique oral device for delivery of biologics that would otherwise be injected, announced the closing of a seed funding of 3 Million Euro (with potential to expand to 5 Million Euro). The investor Syndicate was led by the experienced German seed investor High-Tech Gründerfonds (HTGF) and included Danish Megatrend Invest a/s, Swiss Investment group as well as a Danish private healthcare investor.
The device is being developed and is based upon an advanced injection molding technique that has been conceived by the team behind the first injection molded tablet to be approved by the FDA and commercialized in the US.
Biologics are an important and growing class of therapeutics involved in the treatment of many debilitating diseases. However, degradation and poor absorption in the gastrointestinal tract generally prevent oral administration. Therefore, these therapeutics are injected, often rendering drug administration cumbersome, costly, and painful. The Biograil team has set out to address the unmet need for a convenient and robust delivery route.
CEO Karsten Lindhardt said: “We are extremely pleased with the strength of the investors and strategic partnerships we have been able to complete for Biograil. We see this as directly related to our probability of success. We want to make it more convenient and safer for patients that today would need to suffer frequent injections. Instead we hope to offer a standard sized capsule providing similar effect of the active substance as can be achieved from an injection.”
Anke Cassing from HTGF, who has joined the Board of Directors of Biograil, commented: “I am very excited that we have been able to create an excellent syndicate of investors for Biograil and happy that HTGF can be part of it. We are impressed with the drive and track record of the Biograil team. The potential of the Biograil technology clearly represents a significant business opportunity in this space of oral delivery of biologics.”
Biograil will use the funds to optimize the design of its delivery device and to advance its ongoing preclinical testing and to plan for a substantial global Series A Funding in Q1 2021.
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