For companies like Medtronic Inc. (NYSE:MDT), developing breakthrough technologies to treat untreatable diseases can be expensive and have little promise of financial returns.
The risk is high enough for — even companies as well-resourced as Fridley, Minn.-based Medtronic — that alternative funding sources are welcomed and highly sought after.
Isis Biopolymer Inc., a company developing a new generation of non-invasive drug delivery patches, has raised $3 million through an equity sale to existing investors.
The Providence, R.I.-based firm has developed the Isis Patch, a compact, wireless, active iontophoretic patch using a design that implements advances in microprocessors, thin film batteries, biopolymers and adhesives.
In a statement sent to MassDevice, CEO Emma Durand said the current round “clearly shows the confidence of the investment community in Isis Biopolymer and our innovative transdermal drug delivery and biosensor technology.”
MicroCHIPS Inc. may have been the result of divine inspiration (as the story goes, MIT professor Robert Langer thought of the idea while watching PBS), but it took people like Maggie Pax to turn his vision into a suite of implantable devices that could one day revolutionize medicine.
