INDIANAPOLIS (Inside INdiana Business) — Indianapolis-based Toralgen Inc. says it has raised nearly $2 million in seed funding for what the company calls its transformative drug delivery tool.
The biotechnology firm is attempting to commercialize a nanopill system, a nanoparticle-sized dose of medication, for diabetes control and other diseases.
“Our unique technology has the potential to not only transform how a variety of drugs are administered but to improve their pharmacology,” said Gerald Rea, CEO of Toralgen.
The biotech company closed this round of funding with $1.9 million in support from Elevate Ventures, Solyco Advisors, and VisionTech Angels, and other investors.
Toralgen is a preclinical stage company, meaning its technology is not yet approved for human testing. Rea says the company will use the funds for further development of its innovative platform.
“Through our team’s discoveries and the support of our investors, we are laying the groundwork for a portfolio of commercially transformative assets. We look forward to fully characterizing our improvements in the delivery of insulin, incretins and immunomodulatory combinations,” said Rea.
Toralgen cofounder, Dr. Tarek Fahmy, is a leader in the field of nanoparticle development and associate professor at Yale University. He’s been working on this technology for more than 20 years. His goal is to help improve compliance and simple use for the patient.
“The potential is enormous for diabetes and other disease states as well. Our goal is to simultaneously address the causes of diabetes in the same easy manner that we treat a headache. I am excited to leverage the platform’s future capabilities into other autoimmune diseases and cancers,” Dr. Fahmy explained.