Triastek Closes US$ 50 Million Series B Financing, Co-led by Matrix Partners China and CPE
NANJING, China, June 24, 2021 /PRNewswire/ -- Triastek, Inc. (Triastek), a global leader in 3D printed pharmaceuticals, has completed its Series B financing, raising US$ 50 million (RMB 330 million). This round of investment was co-led by Matrix Partners China and CPE, with participation from Shanghai Sci-Tech Innovation Center Capital (SSICC) and existing investors, Morningside Ventures, Dalton Venture and Yunqi Partners. In addition to supporting the ongoing development of the first IND-approved product in clinical trials, the proceeds will also be used to expand the 3D printed drug product pipeline and advancing Triastek's vision of creating a new era of global intelligent pharmaceutical manufacturing.
Triastek co-founder and CEO Dr. Senping Cheng said, "We appreciate the support from Matrix Partners China, CPE, SSICC and our existing shareholders. It is Triastek's unrelenting goal to develop cutting-edge therapeutics that address unmet patient needs, revolutionize pharmaceutical manufacturing and improve human health. We will leverage the advantages of 3D printing of pharmaceuticals as a digital manufacturing technology and incorporate emerging technologies such as artificial intelligence to lead off a new era in advanced, intelligent pharmaceutical manufacturing."
Matrix Partners China partner Dr. Eric Yu added, "Triastek's breakthrough 3D printing pharmaceutical technology platform can create almost all types of target drug release profiles. We are optimistic that in the future, through its technology platform, Triastek will continue to bring forth innovative drugs for patients with unmet clinical needs. "
CPE executive director Jing Wu commented, "We have always been focused on emerging technologies in the field of pharmaceutical development. We firmly believe that Triastek's 3D printing pharmaceutical technology will be a platform with global influence and become a development and manufacturing leader for the whole industry. Triastek's contributions will accelerate the realization of digitization and intelligent manufacturing across the pharmaceutical industry."
SSICC executive vice president Dr. Zhide Yuan said, "Triastek has multidisciplinary teams in pharmaceutical sciences, mechanical engineering, material sciences, etc.,rich experience in pharmaceutical manufacturing and strong interdisciplinary execution ability. We are optimistic about the company's technology and team capabilities and look forward to more extensive application of the company's technology in drug R & D and production."
Founded in 2015 as the first 3D printing pharmaceutical company in China, Triastek is committed to building a novel 3D printing pharmaceutical technology platform with its comprehensive proprietary technologies encompassing dosage form design, digital pharmaceutical product development, and intelligent manufacturing. With its proprietary Melt Extrusion Deposition (MED®) 3D printing technology, the company is the first Chinese pharmaceutical company to be accepted into the US FDA's Emerging Technology Program. Triastek's technology provides customized solutions for most oral solid dosage forms. Compared to the traditional iterative drug development process and tablet compression methods, MED 3D printing provides a paradigm shift in pharmaceutical product development and manufacturing. The versatility of the tablet structure resulting from 3D printing technology permits precise and programmed control of the drug release profile, thereby optimizing the PK profile of new and existing drug products.
Using MED 3D printing technology, Triastek has built a product pipeline including new formulations and new combination product candidates intended to meet specific clinical needs and thereby improve drug therapy outcomes. In January 2021, the company received IND approval from the US FDA for its first product T19, being developed for the treatment of rheumatoid arthritis. The company's second product T20 received positive pre-IND feedback from the US FDA in March 2021 and an IND application submission for T20 is planned for the end of this year.
In addition to the development of in-house products, Triastek is collaborating with leading multinational and Chinese pharmaceutical companies to explore a variety of application scenarios for the MED 3D printing technology, such as developing formulations to provide solution for the poor water soluble new chemical entities as well as extending the lifecycle of approved/developed products. Through these collaborations, Triastek provides a significant value proposition for partner companies through the development of novel, unique and competitive pharmaceutical products in combating the challenges of developability of new compound and fine-tuning PK profile in early product development to shorten the time for human study.
For more information, please visit Triastek's website https://www.triastek.com
Business Development and Public Relations:
Eric Tsai
Business Development Director
etsai@triastek.com
+86-18502118450
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