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Implant Drug Delivery Company Lands $9.5M Venture Funds

Currency dice (MD4 Group/Flickr)PolyActiva in Melbourne, Australia, a developer of a nanoscale drug delivery technology for medical implants, raised $AU 9.2 million ($US 9.5 million) in series B venture funds, the second financing round after initial start-up. Investors include the Australian venture funds Medical Research Commercialisation Fund, Brandon Biosciences Fund 1, and Yuuwa Capital, as well as a number of angel investors.

PolyActiva’s platform designs polymer plastic mechanisms for medical implants to deliver drugs. The technology, says the company, makes it possible to deliver drugs more accurately and in higher dosages, because of its more precise delivery to affected organs.

PolyActiva is developing products for the treatment of glaucoma, post-operative cataract care, osteoarthritis, and wound healing. Its drug delivery mechanisms can take different forms, such as rods, fibers, or coatings. The company says its technology can control the delivery timing and speed of drugs, as well as deliver multiple drugs if required. In addition, the polymer materials are bioerodable.

PolyActiva plans to apply the investment funds to advance preclinical and clinical research of its products, including eye implants to treat glaucoma and severe eye infections, and a joint-cartilage implant product to treat osteoarthritis.

The company began as a joint venture between Australia’s Bionics Institute and CSIRO, Australia’s primary science funding agency, that opened its doors in January 2011, with funding from the Medical Research Commercialisation Fund. PolyActiva has research facilities at the Monash Institute of Pharmaceutical Sciences in Parkville, Australia.

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Hat tip: Fortune/Term Sheet

Image: MD4 Group/Flickr

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