Biograil Secures Seed 2 Funding for Oral Delivery Device for Biologics
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Evonik Venture Capital is the corporate venture capital arm of Evonik Industries, one of the world leaders in specialty chemicals. Evonik has in-depth understanding of biodegradable polymers in pharma and medical device applications and will support the company efforts to create a fully biodegradable and environmentally friendly delivery solution which provides additional strategic value to Biograil.
"Biograil is very pleased with the strong internal support and commitment from current ownership and great to see that we continue to be able to attract new experienced investors like Evonik Venture Capital to our Investor Syndicate. We look forward to the technical support Evonik can provide to identify and/or potentially develop suitable biodegradable polymers for our capsule technology and our strive to make BIONDDTM the preferred oral delivery device technology for peptides and biomacromolecules", Karsten Lindhardt, Biograil CEO.
"Evonik Venture Capital is glad to now be part of the Biograil Investor Syndicate. We see a large business potential for oral drug delivery devices. The BIONDDTM technology and team behind Biograil has a great opportunity to develop an excellent technical solution to the future benefit of patients. We look forward to provide our expertise in biodegradable polymers to support the Biograil team and their efforts to further progress this platform technology", Jonas Ide, Investment Manager at Evonik Venture Capital (now an observer in the Board of Directors of Biograil).
Biograil will use the funds to optimize the design of its delivery device and to advance its ongoing preclinical testing and initiate preparation for development activities and to plan for substantial investment and collaboration funding in 2022 to further transition the company from research to a development stage company.
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