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Micron Biomedical Extends Series A to $17 Million to Bring Needle-Free Drugs and Vaccines to Market
News provided byMicron Biomedical, Inc.
May 10, 2023, 7:00 AM ET
$3 Million Series A Extension Continues Validation of Company's Commercial Strategy.
ATLANTA, May 10, 2023 /PRNewswire/ -- Micron Biomedical, a life science company developing first-in-class dissolvable microarray-based products that are simplifying and advancing the delivery and administration of drugs and vaccines, today announced it has secured an additional $3 million investment from J2 Ventures, bringing its total Series A funding to $17 million. Announced originally in November 2022, the Series A was led by Global Health Investment Corporation (GHIC) and LTS Lohmann with participation from GRA Venture Fund.
The Series A extension will further support efforts to bring the company's dissolvable microarray-based drug and vaccine products to markets globally, providing convenience and access in high income markets, including a focus on national health security, and meeting the needs of under-served populations in low- and middle-income countries. J2 Ventures Partner and former Chief Medical Officer of the Defense Innovation Unit, US Department of Defense, Dr. Matt Goldman, will join Micron's board as an observer.
Micron's patented microarray technology allows drugs and vaccines that today require cold storage and administration through injection to be self-administered or caregiver administered within minutes, without the need for refrigeration or administration by a skilled health professional. The technology significantly expands access by simplifying transport, storage and administration and eliminates traditional injection sharps waste. Completed trials show clinical efficacy and strong patient preference for Micron's technology over injections.
"We're excited by J2 Ventures' support of our commercial strategy to bring important drug and vaccine products to markets globally," said Micron CEO, Steven Damon. "We've been speaking with the team since they learned about us after our initial financing, and their participation coincides with significant commercial interest from their network, helping to further our goal of making this technology widely available to patients."
"Our fund specializes in working with best-in-class deep technology that is primed to scale with government and Micron Biomedical is an obvious fit," said Alexander Harstrick, Co-Founder and Managing Partner at J2 Ventures. "We are thrilled to support Micron's efforts that have the potential to radically disrupt the most significant logistical obstacles in delivering pharmaceutical and vaccine products to both private sectors and the government. Products that utilize the Micron technology have the potential to accelerate positive global impact including national security and veteran health."
About Micron Biomedical
Micron Biomedical is the leader in the field of dissolvable microarray-based, drug and vaccine administration technology. Micron Biomedical is a clinical stage life science company on a rapid path to commercializing its proprietary applicator-free, dissolvable, microarray technology. Micron's technology is designed to improve access and achieve better health outcomes globally through injection free, painless, and simple and/or self administration of drugs and vaccines, and by eliminating or reducing the need for cold chain transport and storage, enhancing safety and efficacy, and improving patient compliance. Micron has partnered with or received funding from private and public pharmaceutical and biotech companies, the Bill & Melinda Gates Foundation, the Centers for Disease Control and Prevention (CDC), UNICEF, PATH and the Georgia Research Alliance. For more information visit www.micronbiomedical.com
About J2 Ventures
J2 Ventures is an early-stage venture-capital firm that specializes in companies looking to bring transformational technologies to the private sector while also serving the unmet needs of the U.S. government. The firm focuses on areas such as artificial intelligence and machine learning, healthcare and material science. Formed in 2020 by Alexander Harstrick and Jonathan Bronson, J2 Ventures has had a meteoric rise in the VC landscape, known for building strong relationships with the management teams of its portfolio companies and creating value by leveraging the firm's significant resources and network. The firm's partners have invested over $4 billion in venture, private equity and defense, and approach each investment with a "whole-firm" mindset that ensures the firm brings the best to the entrepreneur. J2 Ventures is based in Boston, Massachusetts with additional presences in Washington, DC, San Francisco, California and London, England. Learn more at www.j2vp.com.
Micron Biomedical, Inc
SOURCE Micron Biomedical, Inc.
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