InfiMed raises $15 million
InfiMed Therapeutics, a US emerging specialty pharmaceuticals company,has closed a Series B financing, which has brought in $15 million. The lead investor was EGS Healthcare Capital Partners, and other backers included Prism Ventures and Collinson, Howe & Lennox.
Stephen Rowe, InfiMed's chief executive, said that the financing allows the firm to fast-forward development of its initial sustained-release drug, a human growth hormone called Infitropin CR. He claimed that the worldwide market opportunity for the product exceeds $1.5 billion, and expressed his confidence that "at least equal efficacy will be demonstrated with our controlled-release formulation, compared to the gold standard of daily injections of human growth hormone."
Infitropin CR is based on InfiMed Therapeutics' Improved Formulation Entity platform for sustained release of protein and peptide drugs. The technology involves trapping the molecules of a drug in a matrix of polyethylene glycol-based hydrogel, a concept which the company says is "akin to trapping live fish within a 3-D fishing net."
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