Protein Delivery Inc. (PDI) has developed a way to convert medications that are currently only injectible, such as insulin, to oral forms. Earlier this month, the Research Triangle Park N.C.-based company raised $23 million in its Series E round of venture financing.
“We believe that Protein Delivery is now the leader in developing an oral insulin product,” said Chief Executive Christopher Price. “Assuming market conditions are favorable, we will have most of the elements essential for an initial public offering in place by the end of 2000.”
American Express Financial Advisors led the round. Oakwood Investors also contributed a first-time investment. Existing investors Crescendo Ventures and Aurora Funds returned at pro rata stakes.
Vector Securities International Inc. of Chicago placed the deal.
Proceeds from the investment will go toward advancing PDI products through Food & Drug Administration approval. Price said the company’s insulin product, which is currently in its second phase of human clinical studies, could reach consumer markets as early as 2003.
PDI will use additional proceeds to convert other drugs that treat illnesses including osteoporosis and several brain and nervous system disorders.
“Our competitive advantage is in achieving a much more natural means of delivery,” Price said.
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