Precision NanoSystems raises US$6 Million to Accelerate Product Innovation and Global Expansion
VANCOUVER, June 7, 2018 /PRNewswire/ -- Precision NanoSystems (PNI) today announced that it has closed a US$6M Series B investment. The funds will be used to expand PNI's products and services globally and to provide a clinical manufacturing solution targeted at organizations developing precision and personalized nanomedicines. The financing round included participation from existing investors 5AM Ventures, Telegraph Hill Partners, and Rising Tide Fund.
PNI's technology has enabled the rapid development of nanomedicines for RNA therapeutics, gene editing technologies, and other genetic medicines. Additionally, with over 200 instruments now deployed worldwide, PNI's technology is the leading platform for the development of a broad range of small molecule, protein, and nucleic acid drug formulations. The additional financing builds on PNI's strengths which saw rapid growth including a 70% increase in its install base in 2017. This growth culminated in 19 of the top 25 pharmaceutical companies using the NanoAssemblr™ platform and PNI's technology being featured in over 100 peer reviewed publications.
"PNI's NanoAssemblr technology is an enabling solution for the discovery, development and manufacture of nanomedicines. The additional capital will enable new product development and provide our growing customer base a unified solution to more efficiently develop nanomedicines at lower costs," said Dr. James Taylor, CEO & PNI Co-Founder. Dr. Taylor further stated, "Nanomedicines are an enabling technology for the future of pharmaceuticals, including the genetic medicine revolution. PNI's platform enables research and industrial customers worldwide access to this important technology and allows our clients to progress their drugs from bench to full scale production in a way previously unavailable in the market. Nanomedicines have the potential to direct drugs and diagnostics specifically to the site of disease thereby increasing effectiveness and reducing side effects."
About Precision NanoSystems, Inc
Precision NanoSystems Inc (PNI) creates innovative solutions for the discovery, development and manufacture of novel nanoparticles for use as medicines and in medical research. PNI's proprietary NanoAssemblr Platform enables the rapid, reproducible, and scalable manufacture of next generation nanoparticle formulations for the targeted delivery of therapeutic and diagnostic agents to cells and tissues in the body. PNI provides instruments, reagents and services to life sciences researchers, including pharmaceutical companies, and builds strategic collaborations to revolutionize healthcare through nanotechnology. For more information, visit www.precisionnanosystems.com.
About The NanoAssemblr Platform
The NanoAssemblr Platform uses proprietary microfluidic mixing technology to manufacture nanomedicines. Microfluidics uses micrometer sized channels to manipulate and control fluids. The channel dimensions and architecture of the microfluidic mixer used in the NanoAssemblr platform have been optimized to enable exquisite control over the mixing of the molecular components that self-assemble to form the nanomedicine. Please see the Precision NanoSystems website for an animated overview of the value the NanoAssemblr microfluidics brings to nanomedicine discovery, development and scale-up manufacture (https://www.precisionnanosystems.com/nanoassemblr-platform/)
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SOURCE Precision Nanosystems