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news.Formac Pharmaceuticals has raised E1.7 million to start up a new drug delivery business focused on the development of improved oral formulations of small organic drug compounds.
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Formac will use its proprietary technology platform as a starting point for the in-house development of improved delivery forms of generics and branded drugs of which the patent rights are near expiration. In parallel, Formac will provide access to its unique drug delivery technologies and pre-formulation skills in contract R&D and licensing collaborations with pharmaceutical companies.
Laurens Theunis, CEO of Formac, said: “Drug delivery is a booming business and Formac intends to become one of the key players in this industry. This investment will allow us to rapidly advance our internal programs towards clinical development and to gradually expand our global commercialization activities.”