WATERTOWN, Mass., Sept. 7, 2021 /PRNewswire/ -- Windgap Medical, Inc., a leading drug delivery platform company, announced today that it has successfully completed initial closing of over $17 million of Series B-1 equity financing round of investment, led by Taiwania Capital. This equity investment round is also supported by existing investors, including Shepherd Kaplan Krochuk, Molex Ventures (a Koch Industries company), and others.
Windgap is working closely with investors who plan to participate in a second close within the next ninety days, targeting an additional $15 million of investment.
Windgap and its manufacturing partners are commercializing its ANDI® wet/dry autoinjector platforms, which would introduce a more compact, and stable, temperature resilient option to many medications in the current marketplace. The first product using this platform will be epinephrine for the treatment of anaphylaxis. Other products are in the pipeline, including a novel emergency treatment for cyanide poisoning that is sponsored by the National Institutes of Health through a multi-year CounterACT grant, led by the University of Minnesota Twin Cities.
"Windgap is excited to be supported by Taiwania and the growing syndicate of investors to help us commercialize our epinephrine product, along with our partner ALK-Abello," said Chris Stepanian, Windgap's CEO and Co-Founder. "We are also driven to commercialize other uses for our miniature wet/dry autoinjector, and this round of funding puts us in an excellent position to do that."
"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."
"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," said Michael Huang, managing partner of Taiwania Capital, who will be joining Windgap's board of directors after the Series B-1 closing. "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."
Windgap's products have not been reviewed by the FDA, but the Company intends to seek approval, first, for its epinephrine product for anaphylaxis.
ABOUT WINDGAP MEDICAL Windgap Medical, Inc. is an emerging, privately-held pharmaceutical company in the Greater Boston area focused on developing patient solutions with its patented wet/dry drug delivery platforms. Its first product is for the administration of epinephrine for anaphylaxis with additional products under development in a variety of markets. Find more information on www.windgapmedical.com and follow the company on LinkedIn.
ABOUT TAIWANIA CAPITAL Founded in 2017, Taiwania Capital is a venture capital firm that focuses on investing in early-stage companies, with a mission to establish partnerships with companies worldwide and boost Taiwan's economic growth. Launched with $200 million, Fund II invests in startups in pharmaceutical product research and development, gene/cell therapy and medical technology. By bridging opportunities in Asia and North America, Taiwania aims to bring Taiwan companies to the forefront of the biotech industry. Find more information on https://www.taiwaniacapital.com/.
For Media Inquiries: Windgap Medical, Inc. Chris Stepanian, 1 617-440-3311 Chief Executive Officer [email protected]