Finland’s DelSiTech closes a €10M round for its drug delivery platform

Finnish pharma company DelSiTech has announced the closing of a €10 million round, co-led by DRW Venture Capital LLC and Tolmar International Ltd. The investment will be used to develop its platform and further build DelSiTech.

  • DelSiTech Ltd. is a company that works in the industry of biodegradable silica-based controlled release of small molecule drugs, biologics, and vaccines. It develops and commercializes its proprietary drug delivery technology in collaboration with a number of pharmaceutical and biotech companies.
  • It’s main product is Silica Matrix, a delivery technology platform for parenteral and local administration of injectable and implant dosage forms as well as eye drops. Silica Matrix is non-porous, biocompatible, and can be designed to biodegrade by matrix dissolution at the desired rate to ensure a tightly controlled release of the active substance over days up to many months.
  • The fresh financing was co-led by new investors DRW Venture Capital LLC, a stage-agnostic investor focused on financial and enterprise technology headquartered in Chicago, and Tolmar, a fully integrated pharmaceutical company based in Dublin. Together they contributed over €9 million. DelSiTech’s existing shareholders also participated.

We welcome DRW and Tolmar to DelSiTech as new investors and strategic partners at an important time of growth and development. This financing marks a significant milestone on our journey as one of the world’s leading drug delivery technology providers, with an attractive internal pipeline of controlled release drug products based on Silica Matrix,

Lasse Leino, Chief Executive Officer at DelSiTech, commented.

DelSiTech will use the costs to further build and advance its drug delivery technology platform into clinical development, as well as expanding its manufacturing capability.

Before that, in March 2023, DelSiTech was awarded a grant from the Bill & Melinda Gates Foundation.