The funding will be allocated towards the company’s goal to manufacture human clinical trial materials for its clients, said Kay Olmstead co-founder and chief executive officer of Nano PharmaSolutions.
Founded in 2019, Nano PharmaSolutions develops drug delivery platform for poorly soluble drugs in preclinical and post-approval stages.
Its proprietary “nanoformulation” does not use solvent, polymers, or other extrinsic chemicals and is easily scalable. As a result, it give patients access to a wider variety of efficacious, life-saving therapies.
“The essence of our technology is that we use a micro-vacuum system, so the drug powder can be vaporized without any thermal degradation, then capture the vapor as nano particles,” said Olmstead. “The secret is how to vaporize solid-state drug into vapor-state and capture it back as nanoparticles without changing the nature of the drug. That is the “secret sauce” of our proprietary technology.”
Its goal is to be the leader in solubilizing nanotechnologies that enable pharmaceutical companies develop better drugs faster.
Solubilizing drug candidates is the number one concern in early-stage development, said Olmstead, adding that about 80% of the new drug candidates are poorly soluble, which is a huge problem for drug companies as they develop safe and efficacious drugs.
Robert Aboolian, professor at California State University San Marcos, said he believes the startup has the only delivery platform that can deliver medications without extra chemicals, making it safer.
“Nano Pharmaceuticals provides drug companies with a revolutionary drug delivery platform. It generates nanoparticles of any drug of every disease, rapidly using chemicals or solvents by utilizing revolutionary physical phase transition technology,” said Aboolian. “With the platform technology, Nano Pharmaceuticals can rapidly develop formulations of any disease drugs.”
“After successful preclinical studies, our partner companies will look to us to prepare drugs for human clinical trials. We are poised to move our platform to the next level and support human trials with our raise by the end of this year,” said Olmstead. “We think the ecosystem here in San Diego is the perfect place to start a company. We are actively reaching out to 40 Southern California companies to try our solution.”
“Nano PharmaSolutions brings remarkable potential benefits to the pharmaceutical industry and directly to consumers,” said Heather Burke, director of investor relations at Mission Driven Finance. “Kay’s vision to use her technology to improve drug safety, establish innovative generic drugs, and increase access to life saving drugs is inspiring, which is one of many reasons we are proud to support Nano PharmaSolutions.”
“These kinds of opportunities to creatively solve a capital gap that in turn has an outsized potential for social impact is exactly what gets our team fired up,” she said.