NanoPass Technologies Ltd. ("NanoPass"), a privately held company that develops novel microneedle solutions for painless delivery of drugs and vaccines, announced today that it has recently secured a strategic investment and manufacturing agreement with a leading medical device manufacturer, Elcam Medical ("Elcam"). Existing investors including Ofer Hi Tech and D Partners, also participated in the round.
As part of the investment, Mr. Ehud Raivitz, Elcam's CEO, and Mr. Ilan Neugarten of D Partners, will join NanoPass's Board of Directors. Ehud Raivitz remarked, "We are happy to enter into this partnership with NanoPass. I have been impressed by their innovative technology, positive clinical data and achievements. I look forward to leveraging Elcam's capabilities in production and engineering for the mutual benefit of both companies. The collaboration with NanoPass will enable Elcam to provide its customers with access to the most advanced intradermal delivery technology that can address their needs in various applications."
Dr. Yotam Levin, Chief Executive Officer of NanoPass, commented, "We are excited to enter into this strategic partnership with Elcam, a long time supplier of disposable medical products for the medical and pharma industries. We see a significant synergy between our companies. Along with the regulatory approvals we have recently obtained from the FDA and other regulatory bodies, securing a reliable and highly experienced manufacturer is a key component towards full commercialization of our products. The investment will allow NanoPass to develop additional pharmaceutical clients and prepare for market launch."
Source: http://www.nanopass.com/