The funding will enable the company to advance the development of its lead drug, designed to prevent infections post-surgery.
FREMONT, CA: PolyPid, a clinical-stage biopharmaceutical company specializing in the development and commercialization of innovative and locally administered therapies, recently raised $50M in a Series E-1 preferred shares financing round. The financing was led by the current institutional shareholders, including US-based high-net-worth investors, with the National Securities Corporation acting as the placement agent for the financing.
PolyPid has revolutionized locally administered therapies with its transformational polymer-lipid encapsulation matrix (PLEX) technology, enabling the treatment of a broad range of localized medical conditions with a focus on the management of surgical site infections. PLEX-based products have exhibited extraordinary efficacy and safety profile during the extended clinical trials, which have facilitated the treatment of more than 200 patients until now. The products and technology of the company are based on the inventions of Dr. Noam Emanuel, the Founder and Chief Scientific Officer of PolyPid.
The administration of D-PLEX into the surgical site enables the constant and prolonged release of a broad-spectrum antibiotic, generating high local concentrations for over four weeks. The D-PLEX technology backed mechanism employed by the product demonstrates the ability to prevent infection at the surgical site, including those caused by antibiotic-resistant bacteria. The FDA has granted Fast Track status to the D-PLEX and two Qualified Infectious Disease Product (QIDP) designations for prevention of sternal wound infection post-cardiac surgery and post-abdominal surgery incisional infection.
The proceeds from the financing will boost the clinical development of D-PLEX into two phase 3 pivotal registration trials, advancing the development of the pharmaceutical agent which will facilitate the local and prolonged antibacterial activity to prevent surgical site infections.
The investors share the company’s passion, commitment, and vision for bringing D-PLEX to patients undergoing surgery across the world. The funding will boost the development of D-PLEX, streamlining the commercialization, and enhancing the pipeline of locally administered therapies.