Flemish Venture Raises $16.5m to Reformulate Existing Drugs to New Markets

May 3, 2020 | Belgium, Flemish, Investor Watch, News, Reformulated Drugs

Flemish Venture Raises $16.5m to Reformulate Existing Drugs to New Markets

Hyloris Pharmaceuticals SA has raised $16.5 million based on its pharmaceutical reformulation strategy. The company will use the money as well to develop new marketing strategies. This financing round was supported by existing investors, including Scorpiaux, Noshaq, Saffelberg Investments, and Nomainvest.

Context of deal

The company, based in Liège, Belgium, was founded by a Flemish entrepreneur named Stijn Van Rompay who drove this successful private-fund raising round totaling $16.5 million from a mix of existing and new investors, such as a holding company of Bart Versluys (real estate), Noshaq (Liège), Saffelberg Investments and a the Noël holding company (Nomainvest). The deal involved a convertible bond—the instrument will convert during the next transaction (e.g. another transaction, M&A, etc.). They have bought on a new CFO named Patrick Jeanmart.

When were they founded?

2013

How much money have they raised?

$16.5 million in this round plus some funds in previous round.

What do they do?

They tout their ability to identify underserved medical needs and develop new formulations of existing drugs. Hence they are developing proprietary products they believe offer advantages compared to current available alternatives.  Their strategy is led by their focus on U.S. FDA 505(b)(2) regulatory pathway for pharmaceuticals where safety and efficacy of selected molecules have already been established.

What product candidates to they currently develop?

Their product candidates span three key areas, including 1) IV Cardiovascular, 2) Other Reformulations, and 3) Established Market (high-barrier generics). Hyloris also has 12 product candidates in various stages of development in its portfolio.

Do they have any commercial stage products?

Yes. Sotalol IV for the treatment of atrial fibrillation (partnered with AltaThera and Maxigesic® IV, a non-opioid analgesic for the treatment of pain which is co-owned with AFT Pharmaceuticals.

What is use of funds?

The proceeds will go to funding, among other things, the execution of its development and commercialization strategy.

Who are their investors?

Scorpiaux, Noshaq, Saffelberg Investments, and Nomainvest

Who is the leadership?

The team is led by Stijn Van Rompay who co-founded Alter Pharma, a high growth company focused on the development of complex generics and pharmacy-related product sales. He was also co-CEO of Uteron Pharma, a company focused on innovative female healthcare products. He attended University of Antwerp and achieved a Master’s degree in Applied Economics.

Source: Born2Invest

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