LipoSeuticals said today that it closed a financing round for an undisclosed amount led by Hong Kong-based life sciences fund, Delos Capital.
The company has developed a sugar-lipid polymer-based formulation, Sulocence, which boosts drug stability and solubility. LipoSeuticals said it is applying the drug delivery technology to the reformulation of an array of marketed specialty drugs.
In connection with the round, Lan Bo Chen of Delos Capital plans to join the company’s board.
“This exciting opportunity enables the LSI management team and Delos to embark on our stated mission of building a premier specialty pharmaceutical company that will develop, manufacture and market proprietary branded formulations of select known drug products,” Chen said in prepared remarks. “We intend to leverage our deep and strong relationships in the pharmaceutical arena and invest wisely in manufacturing facilities, R&D laboratories and the robust drug pipeline under development at LipoSeuticals in order to build and grow a world-class pharmaceutical organization.”
“I am extremely proud of the company that we have built over the course of the past 5 years with the help of the entire LSI team of scientists and staff,” founder & CEO Nian Wu added. “We are delighted that we now have the expertise and financial resources to build on LSI’s solid foundation. Our Sulocence technology has tremendous potential for improving many drug products that currently suffer from poor solubility, stability, and side effects. We are confident that with the help of Delos’ financial resources, experience and strong relationships within the Life Science Industry, we will achieve sustainable success.”