Archangels, the Edinburgh-based business angel syndicate, the Scottish Investment Bank, the investment arm of Scotland’s enterprise agencies have completed a £2m funding round in Bio-Images Drug Delivery Limited (BDD). The money will go towards enabling BDD to scale its business, focusing on its unique OralogiKTM precision timed drug delivery system.
The OralogiK timed release technology enables the oral delivery of single, multi-dose or combination drugs at pre-determined times between one and 12 hours after being swallowed by the patient.
Glasgow and Newhouse-based BDD will use the funding to purchase processing and analytical equipment for the large-scale GMP manufacture of OralogiK. This will allow BDD to develop its own timed-release products for improved patient outcomes. The funding also enables business expansion and recruitment across its two sites.
Dr Carol Thomson, Chief Executive Officer of BDD, said:
“OralogiK is a truly exciting technology that could transform the lives of many patients and this funding will accelerate its route to market. More than that, by partnering with Archangels, BDD can access its network of sector experts and ensure that we can fully capitalise on the potential of OralogiK”
Sarah Hardy, Investment Director at Archangels, said:
“We are confident that OralogiK could become a game changer for drugs that will be more effective with delayed or phased delivery. The BDD team is rightly excited about its potential and we believe that this unique precision delivery technology has the capability of being a global success story for patients and clinicians alike.”
Kerry Sharp, director of the Scottish Investment Bank, said:
“Life sciences is a key sector for Scottish Enterprise and Scotland, and it’s great to see BDD raising the funds required to expand its business. We’ve supported the company through our financial readiness and account management approach and we look forward to continuing this to help deliver its growth plans.”
BDD has already secured contracts with numerous global pharmaceutical companies to develop and apply the OralogiK technology to new and existing drugs that may benefit from either delayed or phased delivery. The first product is expected to be launched in 2020. BDD will generate revenues from service fees, milestone payments and sales royalties.
The intellectual property surrounding the OralogiK proprietary technology is protected by key patents in the major markets worldwide.