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Micron Biomedical Secures Series A Financing to Commercialize MAP Technology for Self-Administration of Drugs and Vaccines without Needles
Global Health Investment Corporation and LTS Lohmann Led the Series A Financing with Participation from GRA Venture Fund
ATLANTA, November 28, 2022-- Micron Biomedical, Inc. is a clinical stage life sciences company advancing its Micro Array Patch (MAP) technology for self-administration and simple, less-skilled caregiver administration of drugs and vaccines without needles. The $14 million Series A financing will support the company's development of commercial manufacturing, currently underway and establishes a strong partnership between Micron and LTS Lohmann. Micron's development pipeline includes vaccine and drug products partnered with pharma companies, foundations, and government agencies. Since inception, Micron has supported its R&D activities and shown clinical efficacy with more than $40 million in non-dilutive financing.
"Micron's technology has the potential to change the way we administer many of today's currently injected drugs and vaccines" said Micron CEO Steven Damon. "We are deeply committed to bringing Micron's MAP technology-based drug and vaccine products to market, improving access and having a positive impact on patients globally. This financing, and in particular our new investors, will help us to achieve our goals".
Micron's MAP technology is well suited to delivering a wide range of compounds including nucleic acids, peptides, proteins, and viruses (inactivated and live-attenuated), as well as small-molecule drugs. The benefits of Micron's MAP technology include the potential to enhance the efficacy of drugs and vaccines, ease-of-use enabling self-administration and administration by less skilled caregivers, sharps-free waste, thermal stability and small size, which together simplify storage and distribution with the potential to have products mailed to people's homes or available to pick up at the pharmacy without needing a professional to administer. These benefits render Micron's MAP technology especially desirable in case of a pandemic.
About Micron Biomedical
Micron is an Atlanta-based company whose MAP technology was initially developed in Dr. Mark Prausnitz's labs at Georgia Tech. Micron has further developed the technology and emerged as a leader in the field of dissolvable microarray-based, drug and vaccine delivery technology. In addition to these new investors, Micron's other partners and funders include the Bill & Melinda Gates Foundation, the Centers for Disease Control and Prevention (CDC), UNICEF, PATH and several private and public undisclosed pharmaceutical companies. Micron has also received support from the Georgia Research Alliance.
About LTS LOHMANN
LTS LOHMANN Therapie-Systeme AG is a leading pharmaceutical technology company that develops and manufactures innovative drug delivery systems such as Transdermal Patches ("TTS") and Oral Thin Films ("OTF") for the pharmaceutical industry. LTS´ commercial offering encompasses more than 20 marketed products and a diverse pipeline of more than 30 development projects targeting multiple disease indications. LTS's innovation pipeline contains both partner-funded as well as proprietary, LTS-funded projects. LTS maintains its leading position through the continuous refinement of its core TTS and OTF technologies and by advancing emerging drug delivery technologies, including Micro Array Patches (MAP) for the transdermal delivery of large molecule, biological actives. Founded in 1984, LTS operates today from three sites: in Andernach, Germany, West Caldwell, NJ, USA and St. Paul, MN, USA. LTS has also a representative office in Shanghai, China.
About Global Health Investment Corporation
A pioneer of investing in global health, GHIC has been supporting high impact biomedical innovations for nearly a decade. GHIC's Global Health Investment Fund (GHIF) financed the development of products to combat public health challenges that disproportionately affect people living in low- and middle-income countries. In 2021, GHIC entered into a 10-year venture investment partnership with the Biomedical Advanced Research and Development Authority (BARDA) focused on global health security.
For more information visit: www.micronbiomedical.com
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