Petach Tikva, Israel, January 23, 2012. PolyPid Ltd., a developer of innovative drug carriers, today announced that it has raised $2 million in a second round of financing from existing and new investors, at a company post-money valuation of $10 million.
In 2010, PolyPid raised $1.4 million from private investors in a first round of financing.
PolyPid's flagship platform, PolyPid, is a new, groundbreaking family of drug carriers, based on fusion between two known delivery platforms: polymers and lipid-based systems. PolyPid enables long-lasting and controlled release of Active Pharmaceutical Ingredients (APIs). The revolutionary, patented platform can be tailored to almost any API – small molecules, peptides, proteins and nucleic acid. The formulations can be pre-programmed in order to achieve the desired release rate of the APIs and the optimal duration, which can last up to several months.
The PolyPid platform's first product is BonyPidTM, a biodegradable bone void filler that is nano-coated with a PolyPid biodegradable formulation. The coating gradually releases one or more selected antibiotics into its surroundings. Subsequently, the bone void filler scaffold remains and supports bone recovery.
“The money raised will be used to further invest in research and development, bringing additional products to the market, and to conduct a clinical trial that will treat patients with open fractures," said Dr. Noam Emanuel, PolyPid’s Chief Technology Officer.
Founded in 2008 and located in Israel, PolyPid is a privately held, development stage company that has developed a platform technology for the healthcare industry that enables a controlled and prolonged release of any active pharmaceutical ingredients (API). PolyPid’s technology combines polymers and lipids, enabling small-and-large API entrapment in degradation and hydration protected environments, regardless of their chemical or physical characteristics. PolyPid allows the release of the API from the reservoir at pre-determined rates of up to several months, with a constant release rate (zero-order kinetics). The flexibility of this innovative technology enables local administration of compounds across numerous therapeutic classes for several applications. PolyPid Ltd. is owned by the founders, private investors and Xenia Venture Capital. For more information about PolyPid, visit www.polypid.com
Kanaan Public Relations