Biotech Company Lindy Biosciences Raises $1.6M in Series A Funding Led by Alumshares and BlueTree Allied Angels
Duke University spin-out company aims to revolutionize drug formulation and delivery
April 22, 2019 – Research Triangle Park, NC
Lindy Biosciences, a biotech company developing innovative drug formulation technology, announced today it has completed a $1.6M Series A round. The financing was led by Alumshares and BlueTree Allied Angels with participation by IAG Capital Partners, the Charleston Angel Conference, and Next Act Fund. The company also announced Omar Flores, PhD, of Alumshares, and Sreekar Gadde of BlueTree Allied Angels, will join Lindy’s board of directors.
The financing will be used by Lindy to continue to develop and scale its Microglassification™ dehydration process to produce high-dosage, lower-volume medicines. Lindy aims for its technology to enable a significant number of antibody therapies to be delivered at home via a self-applied injection rather than in an acute setting through slow intravenous infusions, decreasing administration costs, increasing patient comfort and compliance, and enabling new high-dose molecules to reach the market.
“In the last year, we’ve made great strides in developing highly concentrated suspensions of biologics and have formed a number of relationships with top pharmaceutical companies with extensive biologics pipelines,” says Deborah Bitterfield, CEO at Lindy Biosciences. “We’re delighted to have the support of this exceptional group that provides us not only capital, but also vast strategic experience in our market.”
Founded in 2017, Lindy’s initial technology was licensed from Duke University and further developed at innovation lab Southeast TechInventures (STI). Since its founding, Lindy has progressed its proprietary Microglassification™ dehydration process while also maturing its pipeline of applications through multiple evaluation and service agreements.
“What Deborah and the team have developed over the past two years and the momentum they’ve created with pharmaceutical partners is hugely impressive, and we’re excited to be working together. Lindy Biosciences is a great example of innovative university-related companies we like to invest in,” says Alumshares CEO Michael McCord.
Lindy’s Series A raise follows previous support from Southeast TechInventures (STI) and the North Carolina Biotechnology Center.
For more information, contact Meredith Turits, Head of Marketing, Alumshares
ABOUT LINDY BIOSCIENCES:
Lindy Biosciences is a North Carolina Research Triangle based development-stage protein therapeutic formulations company. Its core technology produces spherical, dense, stable particles of a therapeutic protein which are ideal for long-term storage, or solid injectable formulations such as high-concentration suspensions or encapsulation for controlled release. Biologics are the fastest growing category of targeted therapeutic agents, and Lindy aims to address route of administration challenges for biologics, particularly monoclonal antibodies, through developing highly concentrated suspensions that enable subcutaneous delivery. For more information, contact email@example.com or 919-765-8700 or visit: https://lindybio.com.
Alumshares is a North Carolina Research Triangle based financial technology company, which allows nationwide communities of university alumni to invest in promising university-related companies seamlessly through its online software platform. Alumshares management team consists of experienced investors in life science venture capital, technology venture capital, and private equity. Through its unique technology platform, universities are able to amplify commercialization and entrepreneurial efforts while alumni are able to invest in promising university-related companies simply and conveniently. For more information, visit: https://alumshares.com.