The UK-based drug developer and particle engineering firm has raised £11.4m ($18.2m) in a financing round that saw Ventech and Gilde Healthcare Partners joinexisting investors like the Entrepreneurs Fund, Solon Ventures and Quest for Growth.
CEO David Hipkiss said: “These new funds will allow us to attain key performance and clinical data for our pipeline of advanced fast-to-market respiratory programs that will deliver significant added value and benefits to patients and payors alike.
“Our new Investors bring additional and significant life science expertise which will prove invaluable in delivering the future success of the business.”
This enthusiasm was echoed by Karl Nagler, general partner at Paris, France-based equity group Ventech.
“There is an exceptional opportunity to make Prosonix a significant player in the area of respiratory medicines, building on the proven performance of its particle engineering technologies and its highly experienced team.”
Prosonix has been expanding on its core particle engineering business considerably over the last few years.
The firm’s focus has shifted from providing other with access to its portfolio of particle processing technologies, such as Sonocrystallization, DISCUS, UMAX and SAX, to developing it own portfolio of drug candidates.
In September last year Hipkiss told in-Pharmatechnologist.com that Prosonix had started in-house drug development in an effort to unlock “the huge potential of Generic Respiratory medicine.”
However, while today’s announcement suggests Prosonix’ efforts in this direction are only likely to increase; the firm’s particle engineering business still seems to be experiencing health demand.
Just last month Prosonix and Italian partner Sterling, Europe’s leading independent steroid maker, completed commercialisation of a respiratory active pharmaceutical ingredient (API) using the UK firm’s unique particle engineering technology.