AstraZeneca BioVentureHub company, OnDosis, announced recently that the company has completed a pre-IPO, private placement investment in the company amounting to SEK 92 million.
OnDosis is developing a novel approach to the administration and delivery of pharmaceuticals through a handheld device that integrates medicine with intelligent dosing and digital capabilities.
OnDosis plans to use the new investment to finalise an ongoing drug-device development for the treatment of ADHD, and to initiate new projects in the areas of rare disease and transplantation medicine. The company will also establish a digital platform and scale up its supply chain ahead of a planned FDA filing.
Martin Olovsson, CEO for OnDosis, says,
“We are delighted that a broadened set of strategic investors join our growth journey. With their entry, and with the continued support from current investors, we are now in a strong position to ramp up our capabilities and to deliver on the four new high potential drug-device combinations that we are developing together with Tiefenbacher. This private placement is also an important step towards a potential IPO of OnDosis in the coming years.”
The idea behind OnDosis’ innovation was originally developed in AstraZeneca’s pharmaceutical technology and development labs. The company was formed in 2017 as part of AstraZeneca’s Spin Out project, in which AstraZeneca − through the BioVentureHub − collaborated with the Swedish Innovation Agency (Vinnova) and the Swedish government to establish a model to build new companies based on innovative ideas developed by established companies.
AstraZeneca is still actively involved in OnDosis through equity ownership and board membership.
Kay Brickmann, Transaction Director within Business Development & Licensing at AstraZeneca represents AstraZeneca’s interests on OnDosis’ board of directors. He says,
“We are so proud to see the success OnDosis is generating based on an idea that originated from AstraZeneca. By integrating traditional pharmaceuticals, individualized dosing and digital health solutions into an innovative platform technology, Martin and his team are creating a new, user-friendly way of taking medicines, which aims to improve patient outcomes.”
Magnus Björsne, CEO for AstraZeneca’s BioVentureHub, adds,
“It’s super exciting to follow the OnDosis growth journey in the BioVentureHub and to see this innovative technology being developed to its full potential. It’s an inspiring example of how collaboration between large and small companies can generate value for all parties, as well as ultimately benefit patients.”