Update: Isis Biopolymer raises another $3 million

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.”

The company counts Stonehurst Capital Inc., Family Advisors LLC, and GP Capital Partners LLC as existing investors. Including this current round, Isis has raised raised about $10 million from a pool of investors since it was founded in 2007, according to Securities and Exchange Commission documents.

The company will use the proceeds to fund further expansion of its R&D and manufacturing capabilities in its Providence production facility, according to Shawna Gvazdauskas, the company’s chief commercial officer. Gvazdauskas said that Isis already has its first commercial product on the market: An over-the-counter anti-aging patch, developed for University Medical Pharmaceuticals, called Wrinkle Free Eyes.

Gvazdauskas said the deal with University Medical allowed Isis to accelerate its production capabilities by six months and is a validation of its business model, which she described to MassDevice in a June 2009 interview.

“Our goal is not to bring a proprietary technology to market, but to license our technology, or sell our technology to pharmaceutical companies,” Gvazdauskas told us. “We’re not looking to build a national sales force with 1,500 people out there. Pharma has the drugs but not the delivery system. We have the opportunity to be synergistic with them. Our product is a platform; we’re not interested in bringing a drug to market, just bringing the platform to market.”