Pharmaceutical Product Development joins $25M round for Liquidia
Nanoparticles displayed on a PC screen at Liquidia.
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RESEARCH TRIANGLE PARK, N.C. – Pharmaceutical Product Development (Nasdaq: PPDI) is now an investor in RTP-based biopharmaceutical startup Liquidia Technologies.
Liquidia announced PPD’s addition as a new investor in its Series C round of financing, which was expanded to $25 million from $20 million.
Liquidia announced a $20 million close in January. Liquidia plans to use the new funds to advance development of its first vaccine candidate in clinical trials and also to fund development of other potential products.
“The vaccines market is one of the fastest growing segments in the industry, and it is an area where PPD has strong laboratory and clinical development expertise,” said David L. Grange, PPD’s chief executive officer. “Liquidia’s novel vaccines and therapeutics have the potential to address a range of diseases, and we believe its PRINT technology offers a unique solution for improving vaccine safety and efficacy.”
PPD is based in Wilmington and maintains a presence in RTP. It is a global life sciences services company.
Other C round investors were Canaan Partners, New Enterprise Associates, Morningside Venture Investments Limited, Pappas Ventures, which is based in Durham, and Firelake Capital.
“Given PPD’s broad expertise in vaccine and biologic drug development, this was a compelling opportunity for both parties,” said Neal Fowler, Liquidia’s CEO, in a statement.
Liquidia is developing a proprietary nano-maufacturing technology called PRINT that the firm believes will enable development of particles for use in drug and vaccine development.
According to Liquidia, its PRINT process can produce what it calls “precisely engineered particles: for “safer and more efficient delivery” of vaccines and drugs.
Liquidia was founded in 2004.
Its first target is a vaccine, which Liquidia hopes to have in clinical trials by late 2010. Several pharmaceutical firms have already licensed Liquidia technology for drug development, according to Fowler.
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