Inhaled drug developer Prosonix has announced the second closing of its Series B equity financing round, which was extended to £17.1M. A new investor, Gimv, added £5.7M to the funds from original syndicate members Ventech, Gilde Healthcare Partners, Entrepreneurs Fund, Quest for Growth, and Solon Ventures. Gimv Venture Capital Partner Karl Nägler will join the Prosonix board as a Non-executive Director.
Karl Nägler said, “Prosonix is at an important point in its development. Based on the demonstrated performance of its particle engineering platform and approach, the near-term product opportunities in its pipeline, its highly experienced team and a strong and experienced group of investors, we are confident that Prosonix can become a significant player in the area of respiratory medicines. As such, I am looking forward to supporting the Company to achieve this potential.”
Prosonix plans to use the proceeds for development of its pipeline, which includes mono- and combination inhaled therapies based on its proprietary particle engineering technology, including a drug-only generic fluticasone propionate MDI and a drug-only glycopyrrolate MDI.
Prosonix CEO David Hipkiss commented, “These new funds will enable Prosonix to accelerate its activities aimed at attaining key performance and clinical data for our pipeline of excipient-free, drug-only respiratory medicines. The potential of our novel particle engineering approach to deliver significant added value and benefits to patients and payors alike has been fundamental in attracting leading investors to back the Company.”
