Nanotechnology firm Liquidia lands $7M in financing
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DURHAM, N.C. – Nanotechnology firm Liquidia Technologies has closed on just a bit more than $7 million in new financing.
According to a filing with the Securities and Exchange Commission, Liquidia raised $7,031,130 in equity funding on July 15.
Neal Fowler, the company’s chief executive officer, told the Triangle Business Journal that the new funds would be used for drug design and delivery.
Its first target is a vaccine, which Liquidia hopes to have in clinical trials by late 2010, the newspaper reported.
Several pharmaceutical firms have already licensed Liquidia technology for drug development, according to Fowler.
In January, Liquidia announced a partnership with Abbott to develop means of delivering drugs through nanotechnology..
Liquidia has developed a nanotechnology program called PRINT. The process uses nanotechnology to produce thin films that can be used for light management and other uses.
Its technology is based on materials known as fluoropolymers that are liquids at room temperature but cure to transparent solids when exposed to lights. Liquidia has developed a material platform technology called Fluorocur, which enables the mass production of precise and uniform micro-sized and nano-sized particles
The partnership with Abbott will focus on delivery of drugs that are more safe and effective.
Of particular focus in the agreement are so-called siRNA therapeutics. Short-interfering RNA molecules silence and regulate gene activity.
Liquidia, which was founded in 2004, utilizes discoveries made by UNC-Chapel Hill Professor Joseph DeSimone and his colleagues.
Liquidia has raised some $29 million in venture capital, including a $16 million round in 2007. Investors include Wakfield Group.
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