Biograil raises €20 Million financing round to advance preparations for clinical trials
"We first invested in Biograil in 2019 because we saw the potential of its approach to oral drug delivery"
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Biograil ApS, a Copenhagen based biotech company developing a unique oral device for delivery of therapeutics that would otherwise have to be injected, announced the closure of a EUR 20 million financing round. Verve Ventures and Megatrend Invest are backing the company, HTGF, which led Biograil’s seed syndicate in 2019, is participating through its HTGF Opportunity growth fund.
The additional funds will support the ongoing activities for the planned phase 1 clinical testing of BIONDD® to achieve key milestones such as non-clinical GLP studies and establish manufacturing GMP process prior to a larger financing in 2027.
Karsten Lindhardt, CEO of Biograil: “Excellent to see such strong support from existing internal investors and involve the HTGF Opportunity growth fund in the round. This, in combination with non-diluting funding from partnerships, will enable Biograil to continue to move our BIONDD® technology toward Phase 1 clinical studies. The BIONDD® technology can allow oral delivery of large market compounds for better convenience and medical benefit and in addition create development opportunities for new innovative combination products which may never have been feasible or attractive as conventional injectable or oral products”.
Anke Caßing, Principal at HTGF: “We first invested in Biograil in 2019 because we saw the potential of its approach to oral drug delivery. Our participation through the HTGF Opportunity reflects our continued conviction in that potential as the company prepares for clinical development.”
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