Drug delivery is a growing sector in the life sciences across the globe, and the Texas biotech sector is well positioned within the segment. Recent news that innovative Dallas-based Neos Therapeutics, Inc. raised an impressive $8 million in new funds is a perfect example of how the drug delivery business continues to grow within the state, largely under the radar of the national biotech media.
The news came by way of an SEC filing, and was only briefly touched on in a few “round-up” articles, coupling it with another big funding story out of Texas that BioNews Texas reported on this morning — that Houston’s Bellicum Pharmaceuticals raised over $34 million from several venture capital investments. However, in its own right, the news of Neos raising $8 million is significant to the drug delivery business here in Texas.
According to the SEC filing, the $8 million that Neos raised was part of an equity offering that totaled $15 million. The new funding came from a dozen different investors.
It’s also worth noting that this is not the first equity offering that Neos Therapeutics has used to raise funds. They completed a previous offering in July of 2012 that netted $18.2 million.
BioNews Texas reached out to Neos this morning for more information on how the company intends to earmark the newly raised capital. The company has yet to respond, but BioNews Texas will update this article with future quotations from Neos.
Neos’ drug delivery technologies enable the creation of stable controlled release (CR) products, such as CR oral disintegrating tablets (ODTs) and CR liquids. The products offer palatable flavors and mouth feel, offering a patient-focused drug delivery solution that accommodates patients with difficulties swallowing or taking oral medication, while still facilitating the efficacy of the drug itself. The company prides itself on offering technologies that allow for a truly customized release profile that is flexible enough t0 accommodate a wide range of release profiles, such as the combination of IR and CR profiles for a single active ingredient, or a combination of active compounds.