Windgap Medical, a Massachusetts-based drug supply startup, has closed a Collection B-1 fairness financing spherical at $17 million.
The spherical was led by Taiwania Capital and had participation from current traders like Shepherd Kaplan Krochuk, Molex Ventures (a Koch Industries firm), and others. Michael Huang, managing associate of Taiwania Capital who will probably be becoming a member of Windgap’s board of administrators because of the spherical, referred to the agency’s participation by stating:
“Taiwania is extraordinarily impressed with Windgap’s staff and know-how platform and stay up for supporting Windgap in its quest to deliver this life-saving know-how to sufferers. Windgap’s drug supply platform has the potential to positively influence the healthcare trade by addressing many points skilled by sufferers. That is significantly true the place extremely delicate, life-saving medication are impacted by the atmosphere and provide chain complexity, enabling a extra constant provide of merchandise. We stay up for working with different institutional traders to drive a profitable, second shut.”
The brand new funding brings the overall funding raised by the startup to $41 million, with the startup working carefully to finish a second shut for an extra $15 million in the course of the subsequent 90 days. The funding has allowed the startup to develop and commercialize its ANDI moist/dry autoinjectors, which permit sufferers and healthcare employees to use epinephrine, cyanide poisoning remedies, and different medication extra successfully. Chris Stepanian, Windgap’s CEO and Co-Founder, referred to the startup’s options by stating:
“Windgap’s second, large-volume drug supply platform, supported by an ongoing NIH grant, has worth for each emergency antidotes and for hard-to-mix and hard-to-suspend drug-delivery purposes. This second-generation drug supply platform has the potential to be a singular and enabling product within the biologics and extended-release markets, particularly for at-home drug supply.”
Whereas the drug supply startup is at present engaged on acquiring FDA approval first, it has already partnered with formidable establishments just like the Nationwide Institute of Well being and the College of Minnesota Twin Cities, which is a mirrored image of the potential of its merchandise.