Nanoform adds €10 million in private capital.
Nanoform, a Helsinki, Finland-based medicine enabling nanotechnology company, announced the completion of a private placement totaling €10 million ($11.2M).
The funding was provided by Finnish investors, including Ilmarinen Mutual Pension Insurance Company, Mandatum Life Insurance Company (Sampo Group), the Open Care Research Foundation and other undiclosed Finnish and Swedish private investors.
The money will be used to further develop Nanoform’s best-in-class nanonization technology and strategically expand its ability to handle highly potent APIs. The investment will enable Nanoform to meet the growing demand for nanonized drug compounds with increased solubility and bioavailability.
According to the company, Nanoform intends to do a public listing of its shares on the Swedish stock exchange in 2020.
Nanoform, founded in 2015 and led by CEO Edward Hæggström, works together with pharma and biotech partners globally to reduce clinical attrition and enhance their molecules formulation performance through its best-in-class nanonization services.
The company built a technology called Controlled Expansion of Supercritical Solutions (CESS) which produces nanonized “designed-for-purpose” API particles, as small as 10nm. This enables poorly soluble molecules in the pharmaceutical pipeline to progress into clinical development by increasing their rate of dissolution and improving their bioavailability. Nanoform’s unique nanonization technology provides novel opportunities in diverse value enhancing drug delivery applications.
Nanoform is currently renovating a pharmaceutical factory in Viikki, Helsinki, aiming to start producing nanoparticulate drugs by the end of 2019, as it has signed off commercial agreements with the world's largest pharmaceutical companies.
In 2018, Nanoform raised $8M from Swedish and Finnish, HNWI, family offices and institutional investors.