NanoMedical Systems raised $4.1 million in a new round of financing, according to a regulatory filing. The Delaware-based company offered equity and warrants to the 46 investors that contributed to the round.
The company did not disclose how it plans to use its newly-acquired funds. No money from the round is slated to compensate sales or executive officers, NanoMedical Systems reported.
The company is developing an implantable system that uses nanochannels to regulate the delivery of drugs from an internal reservoir. The implant can provide constant drug release for more than a year, according to the company, and can be pre-loaded by a physician during an office procedure.
The system is suitable for a wide-range of active pharmaceutical ingredients, including small molecules, peptides and proteins, and the size and shape of the capsule is tailored independently of dosing.
A nanofluidics chip within the capsule passively regulates the outflow of drug through nanochannels. The size of the nanochannels is customized to the size of the drug and the number of nanochannels is tailored to the target dose rate.