DelSiTech Announces Closing of EUR 10 Million Financing Round to Advance its Silica-Based Drug Delivery Technology Platform

News provided by

Jan 16, 2024, 03:00 ET

New investment from DRW Venture Capital LLC and Tolmar International Ltd
Funds will be used to advance its proprietary, silica-based, drug delivery technology platform towards the clinic and further build DelSiTech

TURKU, Finland, Jan. 16, 2024 /PRNewswire/ -- Clinical-stage drug delivery and development company DelSiTech, today announces the successful completion of a EUR 10 million financing round, the largest single financing round in the Company's history. The financing was co-led by new investors DRW Venture Capital LLC, headquartered in Chicago, IL, USA, and Tolmar International Ltd, based in Dublin, Ireland, which together contributed more than EUR 9 million. 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 programs 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."

About DelSiTech:

DelSiTech Ltd., located in Turku, Finland, is the leading technology specialist in biodegradable silica-based controlled release of small molecule drugs, biologics, and vaccines. It develops and commercializes its proprietary drug delivery technology in collaboration with a number of pharmaceutical and biotech companies to turn their ideas into novel drug products. For more information, see www.delsitech.com.

About DelSiTech^TM Silica Matrix

Silica Matrix is an advanced delivery technology platform for parenteral and local administration of injectable and implant dosage forms as well as eye drops. The proprietary technology is based on silica (SiO₂) matrix into which the molecule or therapeutic agent of interest is embedded using a process called sol-gel. The resulting Silica Matrix is non-porous, biocompatible and it can be designed to biodegrade by matrix dissolution at the desired rate to ensure a tightly controlled release of the active substance over periods of days up to many months or a year.

About DRW Venture Capital, LLC:

DRW is a diversified trading firm with decades of experience bringing sophisticated technology and exceptional people together to operate in markets around the world. Headquartered in Chicago, USA, with offices around the globe, we trade a number of asset classes, including Fixed Income, ETFs, Equities, FX, Commodities and Energy. For over a decade, we also have been a trusted investor in exciting new projects through DRW Venture Capital, which operates as a subsidiary of DRW. DRW VC is a stage-agnostic investor focused on financial and enterprise technology companies that benefit from the combination of our capital and expertise. For more information, please visit www.drw.com.

About Tolmar International Ltd

Tolmar is a fully integrated pharmaceutical company focused on the innovative development, manufacturing, and commercialization of specialty pharmaceuticals across multiple therapeutic areas, including Urology. Tolmar's product development and manufacturing facilities are based in Northern Colorado and its executive offices and commercial headquarters are based in Buffalo Grove, Illinois. For more information about the company, please visit www.tolmar.com.

SOURCE DelSiTech