Italian red blood cell drug delivery tech developer EryDel has raised $32 million (EU €26.5 million) in a new round of financing.

The round was led by Sofinnova Partners and joined by existing shareholder Genextra SpA and Innogest SGR, according to a Sofinnova release.

“We are thrilled to welcome Sofinnova Partners as our lead investor. Their unique international reach and recognized experience for building global leaders represent a huge asset at a time when EryDel is about to accelerate its growth plan,” CEO Luca Benatti said in a prepared statement.

EryDel is developing a red-blood-cell-based drug delivery device designed to treat rare neurodegenerative diseases. The system operates by encapsulating drugs into red blood cells taken from a patient, which are later re-infused into the patient.

The company’s lead product is EryDex, which has received Orphan Drug designation from the FDA and EMA for treating Ataxia Telangiectasia. EryDel is also developing the technology for a wide range of other applications, according to the Sofinnova release.

Funds from the round will support accelerated international development and the completion of its Phase III Attest trial, which is enrolling patients in Europe, Asia, Australia and the US.

“We have known (CEO) Luca Benatti for almost two decades and followed EryDel’s development since the beginning. We believe the company is now poised for rapid growth and are happy to actively contribute to this exciting development,” Sofinnova Partners managing partner Graziano Seghezzi said in a press release.