Intrance Medical Systems Inc, a subsidiary of Sweden-based Intrance Holdings AB, has secured financing from Swedish real estate investor Erik Selin through his private company, Erik Selin Fastigheter AB.
Erik Selin has agreed to become the anchor investor as part of a Series A financing round of 15 million USD, becoming the largest shareholder next to the founders.
“I was intrigued by the founder’s story, their achievements as entrepreneurs and how their innovative drug-device treatment can have a significant and positive impact on people living with this progressive and chronic condition,” says Erik Selin. “In addition, with an experienced team in place and positive commercial introductions in Europe, I see this as a well-balanced investment.”
Initiate the U.S. clinical development program
The funding will be used to initiate the U.S. clinical development program for the company’s fixed-dose combination treatment of carbidopa, entacapone and levodopa for enteral infusion in advanced Parkinson’s disease patients. The product is currently marketed as Lecigon in the Nordic countries and certain European markets.
“Mr. Selin’s investment provides the opportunity to accelerate the clinical development program for our drug-device combination,” says Ulf Rosén, Chairman of the Board and Co-founder of Intrance Medical Systems. “The timing for this investment is perfect as we continue dialogue with the FDA regarding our IND filing and subsequent pivotal study planned for early 2022.”
An independent spin-out from Lobsor Pharmaceuticals
Intrance Medical Systems was established in 2018 as an independent spin-out from Sweden-based Lobsor Pharmaceuticals AB, founded by Ulf Rosén and Roger Bolsöy. Lobsor developed and patented a triple-combination of carbidopa, entacapone and levodopa for infusion via a lightweight, wearable pump that delivers the drug directly into the small intestine for the treatment of advanced Parkinson’s disease. In the advanced stages of the disease, oral medication becomes cumbersome and complex with a deterioration of day-to-day functionality and quality of life. By infusion of the active substances directly into the small intestine, medication can be controlled with regained functionality and quality of life.
Intrance’s product system is currently commercialized in Europe under the name Lecigon by STADA/Britannia which acquired Lobsor Pharmaceuticals in September 2020. Intrance owns a portfolio of patents and patent applications covering the U.S., Canada and Japan. In addition to these countries, Intrance has the commercial rights in South/Central America as well.
Photo of Ulf Rosén: Intrance Medical Systems