Clinical-stage drug delivery and development company DelSiTech today announces the successful completion of a €10m financing round, the largest single financing round in the company’s history. The financing was co-led by new investors DRW Venture Capital, headquartered in Chicago, Illinois, and Tolmar International, based in Dublin, Ireland, which together contributed more than €9m. The remaining financing was funded by existing DelSiTech shareholders.
The proceeds from the financing will be used to further build the company and advance its unique, in-house, silica-based, drug delivery technology platform into clinical development, as well as expanding its in-house manufacturing capability to support the development programmes of multiple partners.
“We welcome DRW and Tolmar to DelSiTech as new investors and strategic partners at an important time of growth and development,” said Lasse Leino, chief executive officer at DelSiTech. “This financing marks a significant milestone on our journey as one of the world’s leading drug delivery technology providers, with an attractive internal pipeline of controlled-release drug products based on Silica Matrix. This investment, together with our increasing revenues from our own drug development, will help us to reach our strategic business goals and objectives over the next couple of years, as we continue to address high unmet clinical and commercial needs for the benefit of patients.”
The new investors offered the following comments regarding their commitment to supporting DelSiTech:
David Nelson, partner at DRW, commented: “We have seen the tremendous importance of strengthening our world’s capabilities to bring new treatments online to address viruses and diseases. We have been impressed by the work DelSiTech is doing in this area and by the innovative technologies its team has developed, and we are pleased to join this round to help them accelerate this work.”
Anil D’Souza, president and chief executive officer of Tolmar, remarked: “This investment further advances Tolmar’s overall business strategy to develop therapies for the benefit of patients around the globe. In addition, we are confident that this investment will lead to profitable growth by further leveraging DelSiTech’s differentiated technology platform.”