Biograil Secures Seed 2 Funding for Oral Delivery Device for Biologics
COPENHAGEN, DENMARK, Feb 17th, 2022 – Biograil ApS, a Copenhagen based biotech company developing a unique oral device for delivery of biologics that would otherwise be injected, announced the closing of a Seed 2 funding of 3.2 million Euro. The Round was led by Danish Megatrend Invest a/s with strong support from other prior investors including Verve Ventures, a Swiss Investment group and Sanner Ventures, a German family office. Evonik Venture Capital participated as a new investor.
Evonik Venture Capital is the corporate venture capital arm of Evonik Industries, one of the world leaders in specialty chemicals. Evonik has in-depth understanding of biodegradable polymers in pharma and medical device applications and will support the company efforts to create a fully biodegradable and environmentally friendly delivery solution which provides additional strategic value to Biograil.
Biograil CEO Karsten Lindhardt said: “Biograil is very pleased with the strong internal support and commitment from current ownership and great to see that we continue to be able to attract new experienced investors like Evonik Venture Capital to our Investor Syndicate We look forward to the technical support Evonik can provide to identify and/or potentially develop suitable biodegradable polymers for our capsule technology and our strive to make BIONDDTM the preferred oral delivery device technology for peptides and biomacromolecules”
Investment Manager at Evonik Venture Capital Jonas Ide, who is now an observer in the Board of Directors of Biograil, commented: “Evonik Venture Capital is glad to now be part of the Biograil Investor Syndicate. We see a large business potential for oral drug delivery devices. The BIONDDTM technology and team behind Biograil has a great opportunity to develop an excellent technical solution to the future benefit of patients. We look forward to provide our expertise in biodegradable polymers to support the Biograil team and their efforts to further progress this platform technology.”
Biograil will use the funds to optimize the design of its delivery device and to advance its ongoing preclinical testing and initiate preparation for development activities and to plan for substantial investment and collaboration funding in 2022 to further transition the company from research to a development stage company.
About Biograil Aps
Biograil is a Danish start-up using injection molding to manufacture a device contained in a standard size capsule able to deliver active substances into the gastrointestinal wall. The Biograil device uses a proprietary mechanism to facilitate the delivery of active substances i.e. biologics efficiently into the gastrointestinal wall. The team behind Biograil is a combination of seasoned entrepreneurs with long experience in creating successful biotech companies as well as R&D executives behind the world’s first injection molded oral tablet approved by the FDA. The Biograil investor syndicate is formed by Megatrend Invest (Denmark), Verve Investment, High-Tech Gründerfonds, Sanner Ventures and Evonik Venture Capital
About Evonik Venture Capital
With a fund size of €250 million, Evonik Venture Capital (EVC) has made about 40 investments since 2012, both direct and fund investments. EVC has offices in Germany, the U.S.A. and China and invests in innovative technologies and disruptive business models in the fields of Nutrition & Care, Specialty Additives and Smart Materials, as well as enabling digital technologies. The EVC team of experienced investment managers provide portfolio companies comprehensive support. The investment scope ranges from early stage to growth stage with investment volume per portfolio company of up to €15 million. http://venturing.evonik.com