Vancouver-based Precision NanoSystems said today that it closed a $6m Series B round, with investments from 5AM Ventures, Telegraph Hill Partners and Rising Tide Fund.
The company is slated to use its newly-acquired funds to support the expansion of its services, including its nanomedicine manufacturing platform, NanoAssemblr.
Precision NanoSystems’ technology is designed to enable the speedy development and production of RNA therapeutics, gene-editing technology and nanomedicines. The company reportedly experienced a 70% increase in its install base last year.
“PNI’s NanoAssemblr technology is an enabling solution for the discovery, development and manufacture of nanomedicines. The additional capital will enable new product development and provide our growing customer base a unified solution to more efficiently develop nanomedicines at lower costs,” co-founder & CEO James Taylor said in prepared remarks.
“Nanomedicines are an enabling technology for the future of pharmaceuticals, including the genetic medicine revolution. PNI’s platform enables research and industrial customers worldwide access to this important technology and allows our clients to progress their drugs from bench to full scale production in a way previously unavailable in the market. Nanomedicines have the potential to direct drugs and diagnostics specifically to the site of disease thereby increasing effectiveness and reducing side effects,” he added.
The company’s platform uses microfluidic channels to control the flow of fluids, optimizing the mixing of components that self-assemble into nanomedicines.