STOCKHOLM & NEW YORK--(BUSINESS WIRE)--Intrance Medical Systems Inc., a subsidiary of Sweden-based Intrance Holdings AB, today announced the company has secured USD $8 million from prominent Swedish real estate investor Erik Selin through his private company, Erik Selin Fastigheter AB. Mr. Selin has agreed to become the anchor investor as part of a Series A financing round of USD $15 million, becoming the largest shareholder next to the founders.
Funding will be used to initiate the U.S. clinical development program for its 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,” said 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.“
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.
“I was intrigued by the founders' 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,” said Erik Selin. “In addition, with an experienced team in place and positive commercial introductions in Europe, I see this as a well-balanced investment.”
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.
About Erik Selin
As the owner of his private real estate firm, Erik Selin Fastigheter AB, Mr. Selin is involved in a large number of real estate companies in addition to being the CEO and main owner of the Nasdaq listed real estate group Balder AB, which he founded in 2005. He is also a major owner of Collector Bank (listed on Nasdaq), where he has been on the board since 2011 and has been Chairman since 2020. Mr. Selin was named Sweden’s most powerful in the real estate industry by business magazine Fastighetsvarlden in 2014.
About Intrance Medical Systems
Intrance Medical Systems, Inc is a private biopharmaceutical company focused on the development and commercialization of its lead clinical product for the treatment of advanced Parkinson’s disease in the U.S., Canada, Mexico, South America, Japan and Taiwan. Intrance’s lead product, known as Lecigon® in Europe, is a fixed-dose combination treatment of carbidopa, entacapone and levodopa, for enteral infusion in advanced Parkinson’s disease patients. The product is successfully commercially launched in several key markets and rapidly gaining market share and user acceptance. The company is planning to advance its U.S. clinical development program in this target indication and has filed an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA). For more information, visit intrancemedical.com.
