Controlled Drug Release Company Polypid Raises $50 Million
In March, clinical-stage Polypid backed out of its planned Nasdaq IPO
Founded in 2008 and based in central Israeli town Petah Tikva, clinical-stage Polypid develops encapsulating drug delivery technology that enables extended and localized release of tricky compounds like those sensitive to heat or pH levels, or drugs that are toxic in large doses. The company raised $15 million in November according to a pre-money valuation of $180 million. In March, the company postponed its planned initial public offering on Nasdaq, through which it intended to raise $75 million.