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DelSiTech have announced the successful completion of a €10 million financing round, the largest single financing round in the Company’s history. The financing was co-led by new investors DRW Venture Capital LLC, headquartered in Chicago, IL, USA, and Tolmar International Ltd, based in Dublin, Ireland, which together contributed more than EUR 9 million. The remaining financing was funded by existing DelSiTech shareholders.
The proceeds from the financing will be used to further build the Company and advance its unique, in-house, silica-based, drug delivery technology platform into clinical development, as well as expanding its in-house manufacturing capability to support the development programs of multiple partners.
"We welcome DRW and Tolmar to DelSiTech as new investors and strategic partners at an important time of growth and development." Said Lasse Leino, Chief Executive Officer at DelSiTech. “This financing marks a significant milestone on our journey as one of the world’s leading drug delivery technology providers, with an attractive internal pipeline of controlled release drug products based on Silica Matrix. This investment, together with our increasing revenues from our own drug development, will help us to reach our strategic business goals and objectives over the next couple of years, as we continue to address high unmet clinical and commercial needs for the benefit of patients.”