Danish drug delivery company raises major investment  

2006.03.15
Egalet, a drug delivery company based north of Copenhagen has raised a USD 27.6 m investment from two new investors, Atlas Venture and Index Ventures, as well as from current investors

Egalet, a drug delivery company based north of Copenhagen has raised a DKK 172 m (USD 27.6 m) investment from two new investors, Atlas Venture and Index Ventures, as well as from current investors. Atlas is a US based venture capital firm investing in technology and life science businesses in the US and Europe. It administers more than DKK 15 bn (USD 2.4 bn) through 7 funds. Index Ventures is a Swiss based company which focuses its investments primarily in Europe and Israel.

The funding will be used to take Egalet's leading drug candidates through final pivotal studies. Dr. Regina Hodits of Atlas Venture comments: "Egalet has been very successful in leveraging a pipeline of products from its technology platform. With two lead products in late clinical development and multiple future opportunities arising from its unique drug delivery technologies, Egalet is well positioned for its transformation to a product development and commercialisation entity."

In recent years, the drug delivery market has grown into a USD 50 bn market with estimated annual growth of 15%.

Egalet is a drug delivery company focusing on formulation and development of oral controlled release products using its proprietary drug delivery Egalet and Parvulet technologies. The company's investors, in addition to the two new ones, are BioFund (Finland), Dansk Kapitalanlæg (Denmark), Danske Bank (Denmark) and QueQuoin Holdings (Jersey). The news was reported by financial daily newspaper Børsen and on Egalet's website.

Link > Egalet 

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