Evonik Industries AG, a leading global supplier of specialty chemicals, announced Monday their venture capital company's strategic investment with Laxxon Medical Corporation.
Laxxon Medical is a U.S.-based company whose patented 3D screen printing technology enables the controlled release of multiple active pharmaceutical ingredients within a single tablet. Evonik's specialized polymers ensure targeted delivery of the active ingredients in the novel tablets.
In addition to the investment of an undisclosed amount, Evonik and Laxxon Medical have concluded a joint product development and cooperation agreement. According to the agreement, Evonik will manufacture tablets with Laxxon Medical's 3D screen printing technology. In the future, Evonik's products will be used in Laxxon Medical's printing pastes.
Three-dimensional screen printing is significantly faster than established 3D printing processes. In addition to such manufacturing abilities, 3D screen printed drugs allow for improved drug delivery. Through drug improvements with 3D screen printing, pharmaceutical companies have the opportunity to extend existing patent protections on their products.
"This technology is great for patients. We expect fewer side effects from a more controlled drug delivery and having fewer pills reduces the risk of forgetting doses during the day," said Lutz Stoeber, head of Evonik Venture Capital North America. "We are pleased to support innovation that brings real benefits to people and their health."
Laxxon Medical's technology is relevant to Evonik's growth fields Healthcare Solutions and Additive Manufacturing. "Drug delivery is becoming ever more precise and increasingly tailored to specific patient groups," Thomas Riermeier, Head of Evonik's Heath Care Business Line, said. "Working with Laxxon will allow us to accelerate our activities in this important and emerging market."
Laxxon Medical was founded in Switzerland in 2017 by Helmut Kerschbaumer, Klaus Kuehne and Achim Schneeberger. Due to the planned IPO on the NASDAQ, the company has relocated its headquarters to the U.S. in 2021, but still has a German and a Swiss subsidiary.
"Evonik is the perfect partner to support the development of novel tablets with unique release properties," said Kerschbaumer, Chief Executive Officer of Laxxon Medical. "We are pleased to have one of the world's leading specialty chemical companies at our side, with whom we can further develop our products while manufacturing them commercially."
About Evonik Venture Capital
With a fund size of €250 million, Evonik Venture Capital (EVC) has made about 45 investments since 2012, both direct and fund investments. EVC has offices in Germany, the USA and China and invests in innovative technologies and disruptive business models in the fields of Nutrition & Care, Specialty Additives and Smart Materials, as well as enabling digital technologies. The EVC team of experienced investment managers provide portfolio companies comprehensive support. The investment scope ranges from early stage to growth stage with investment volume per portfolio company of up to €15 million.
About Evonik Industries
Evonik is one of the world leaders in specialty chemicals. The company is active in more than 100 countries around the world and generated sales of €15 billion and an operating profit (adjusted EBITDA) of €2.38 billion in 2021. Evonik goes far beyond chemistry to create innovative, profitable and sustainable solutions for customers. About 33,000 employees work together for a common purpose: We want to improve life today and tomorrow.
About Laxxon Medical Corporation
Laxxon Medical holds the exclusive worldwide rights to the patented use and application of 3D screen printing technology for the development, manufacture, and commercialization of pharmaceutical dosage forms.
With Laxxon Medical's innovative SPID®-Technology (Screen Printing Innovational Drug Technology), it is possible for the first time to develop oral, transdermal and implantable dosage forms through geometric shaping and heterogeneous distribution of active ingredients within the printed units yielding dosage forms with tailored release of active ingredients.
Contact
Frances Hoggard, Public Relations Manager f.hoggard@laxxon-medical.com
Laxxon Medical is dedicated to engineering patented 3D pharmaceutical solutions which optimize products and benefit patients. We aim to establish SPID®-Technology as a manufacturing process with the individual and the pharmaceutical partner in mind.