RESEARCH TRIANGLE PARK – Lindy Biosciences has closed on $547, 736 of an equity round targeted at $1.6 million, according to a regulatory filing.
Six investors contributed so far, the filing says.
Lindy Biosciences is a development-stage company addressing formulation challenges in the rapidly growing biotherapeutics market. Its core technology, Microglassification, produces spherical, dense, stable particles of a therapeutic protein, ideal for solid injectable formulations such as high-concentration suspensions or encapsulation for controlled release.
Over half of all antibody therapeutics are given intravenously, in part because the high dose required cannot be formulated as a solution in a volume small enough for subcutaneous injection.
Thus, its technology shifts delivery of drugs from IVs that take hours to a single shot. It is a more stable product and triples the dose that can be given in a single shot.
The company is generating revenue from service contracts and is testing with two top five global biologics companies, among others.
Founded in 2016, its technology is based on intellectual property licensed from Duke University (Dr. David Needham).
It was a spinout form Southeast TechInventures.
The technology development has been supported by Southeast TechInventures and $800,000 in small business innovation research (SBIR) grants from the National Science Foundation and National Institutes of Health
The company presented at the CED Biotech conference (video follows):
