Intrance Medical Systems raises $ 8 million to support the development of its innovative therapy for advanced Parkinson’s disease
Leading investor based in Sweden Erik Selin commits to an anchor investment
STOCKHOLM & NEW YORK, September 20, 2021– (COMMERCIAL THREAD) – Intrance Medical Systems Inc., a subsidiary of Swedish company Intrance Holdings AB, today announced that the company has secured US $ 8 million from leading Swedish real estate investor Erik Selin through his company private, Erik Selin Fastigheter AB. Mr. Selin agreed to become the lead investor in a US $ 15 million Series A financing round, becoming the largest shareholder after the founders.
The funding will be used to launch the US clinical development program for its fixed-dose combination therapy of carbidopa, entacapone and levodopa for enteral infusion in patients with advanced Parkinson’s disease. The product is currently marketed under the name LecigonÂ® in the Nordic countries and certain European markets.
âMr. Selin’s investment provides the opportunity to accelerate the clinical development program for our drug-device combination,â said Ulf RosÃ©n, Chairman of the Board and co-founder of Intrance Medical Systems. “The timing for this investment is perfect as we continue to dialogue with the FDA regarding our IND dossier and the subsequent pivotal study scheduled for early 2022.”
Intrance Medical Systems was created in 2018 as an independent spin-out of the Swedish company Lobsor Pharmaceuticals AB, founded by Ulf RosÃ©n and Roger BolsÃ¶y. Lobsor has developed and patented a triple combination of carbidopa, entacapone and levodopa for infusion via a lightweight, portable 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 heavy and complex with deterioration in functionality and quality of daily life. By injecting the active substances directly into the small intestine, the drug can be controlled with regained functionality and quality of life.
âI was intrigued by the story of the founders, their accomplishments as entrepreneurs and how their innovative drug therapy can have a significant and positive impact on people living with this progressive and chronic disease,â said Erik Selin. “Plus, with an experienced team in place and positive business introductions in Europe, I see this as a well-rounded investment.”
Intrance’s product system is currently marketed in Europe under the name LecigonÂ® by STADA / Britannia which acquired Lobsor Pharmaceuticals in September 2020. Intrance has a portfolio of patents and patent applications covering the United States, Canada and Japan. In addition to these countries, Intrance also owns the commercial rights in South / Central America.
About Erik Selin
As the owner of his private real estate company, Erik Selin Fastigheter AB, Mr. Selin is involved in a number of real estate companies in addition to being the CEO and principal owner of the Nasdaq Balder AB listed real estate group, which he founded. in 2005. He is also one of the principal owners of Collector Bank (listed on the Nasdaq), of which he has been a member of the board of directors since 2011 and chairman since 2020. Mr. Selin was named Sweden’s most powerful in the real estate sector by the economic magazine. Fastighetsvarlden in 2014.
About Intrance Medical Systems
Intrance Medical Systems, Inc is a privately held biopharmaceutical company focused on the development and commercialization of its lead clinical product for the treatment of advanced Parkinson’s disease in the United States, Canada, Mexico, South America, Japan and in Taiwan. Intrance’s flagship product, known as LecigonÂ® in Europe, is a fixed-dose combination therapy of carbidopa, entacapone and levodopa, for enteral infusion in patients with advanced Parkinson’s disease . The product is successfully launched commercially in several key markets and is rapidly gaining market share and user acceptance. The company plans to advance its US clinical development program in this target indication and has filed an Investigational New Drug Application (IND) with the US Food and Drug Administration (FDA). For more information visit inrancemedical.com.
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