MonoSolRx's thin film drug delivery system attracts investors
$38m (€29m) funding from an investment group, illustrating the
appeal of the company's dissolving film technology.
"[This funding] will allow us to fund our continuing product development activities, make capital expenditures for additional manufacturing capabilities and provides for working capital to aggressively execute on our business plan," said Mark Schobel, MonoSolRx CEO.
"Our primary strategic objective is to deliver high value prescription and OTC drug targets using our proprietary thin film drug delivery technology."
MonoSolRx has decided to use $20m of the total investment to pay off existing indebtedness.
"The company is now debt free and focused on continuing the development and commercialisation of its thin film drug delivery targets," added Keith Kendall, the firm's CFO.
MonoSolRx, a subsidiary of US-based MonoSol specialising in the pharmaceutical applications of this technology, is one of a handful of companies developing edible film strips as a fast-dissolve oral drug delivery platform.
The company's FDTAB film oral dosage form looks like a postage stamp and dissolves readily on the tongue to deliver drugs to a patient, replacing the use of conventional tablets and capsules. The company acquired the technology along with all of the assets of Kosmos Pharma in January 2004.
"To date the implementation of our core strategy has yielded tremendous interest from pharmaceutical companies who are seeking unique drug delivery technologies to create additional patient/physician value in the categories that they compete," said Schobel.
MonoSolRx's corporate offices are located in Warren, New Jersey and its manufacturing facility is located in Portage, Indiana.
