Injection delivery system developer ApiJect announced today that it completed a private investment round worth $111 million.
Royalty Pharma and Jefferies Financial Group led the investment round. Jefferies also acquired a revenue interest in addition to equity through the financing.
According to a news release, the investment round values ApiJect at approximately $300 million. Jefferies and ApiJect’s other lenders also converted all of their debt into ApiJect equity, leaving ApiJect with no debt on its balance sheet following this transaction.
The company said the funds raised will be used for the development of its proprietary Blow-Fill-Seal (BFS) plastic pre-filled injection system, as well as to deploy its equipment and proprietary technologies to licensees and for general working capital purposes.
BFS manufacturing, recognized by the FDA as an advanced aseptic process for forming, filling and sealing a single unit dose in a continuous, automated manufacturing step, greatly reduces the risk of contamination and error in drug production. ApiJect said developments for temperature management now allow BFS manufacturing for a wide range of sterile injectable drugs, including ultra-cold mRNA vaccines.
“This is an important day for injection device innovation, and, with that, the future health of billions of people throughout the world,” ApiJect CEO Jay Walker said in the release. “The investment provided by Royalty Pharma and Jefferies supports further development of an injection technology that can scale rapidly and efficiently to meet global demand for injectable medicines.”