Windgap Medical, a Massachusetts-based drug delivery startup, has closed a Series B-1 equity financing round at $17 million.
The round was led by Taiwania Capital and had participation from existing investors like Shepherd Kaplan Krochuk, Molex Ventures (a Koch Industries company), and others. Michael Huang, managing partner of Taiwania Capital who will be joining Windgap’s board of directors as a result of the round, referred to the firm’s participation by stating:
“Taiwania is extremely impressed with Windgap’s team and technology platform and look forward to supporting Windgap in its quest to bring this life-saving technology to patients. Windgap’s drug delivery platform has the potential to positively impact the healthcare industry by addressing many issues experienced by patients. This is particularly true where highly sensitive, life-saving drugs are impacted by the environment and supply chain complexity, enabling a more consistent supply of products. We look forward to working with other institutional investors to drive a successful, second close.”
The new investment brings the total funding raised by the startup to $41 million, with the startup working closely to complete a second close for an additional $15 million during the next 90 days. The funding has allowed the startup to develop and commercialize its ANDI wet/dry autoinjectors, which allow patients and healthcare workers to apply epinephrine, cyanide poisoning treatments, and other drugs more effectively. Chris Stepanian, Windgap’s CEO and Co-Founder, referred to the startup’s solutions by stating:
“Windgap’s second, large-volume drug delivery platform, supported by an ongoing NIH grant, has value for both emergency antidotes and for hard-to-mix and hard-to-suspend drug-delivery applications. This second-generation drug delivery platform has the potential to be a unique and enabling product in the biologics and extended-release markets, especially for at-home drug delivery.”
While the drug delivery startup is currently working on obtaining FDA approval first, it has already partnered with formidable institutions like the National Institute of Health and the University of Minnesota Twin Cities, which is a reflection of the potential of its products.