The SmiLe Incubator company Iconovo AB has successfully completed a share issue. The issue, which was over-subscribed, raised €.2.3 Million.
Iconovo is one of the world's leading developer of inhalers for medications to treat conditions such as asthma and COPD. The new capital will be used to expand Iconovo’s offering to also include drug development.
Iconovo will offer development of a complete pharmaceutical product consisting of both inhaler and drug formulation. This offering is extremely strong and unique in the industry. Iconovo has already signed an agreement for a licensing deal and a product development project with Amneal Pharmaceuticals, New Jersey, USA, that produce and market generic drug products. The agreement includes an up-front payment and milestone payments in the mid-single digit Euro millions range.
Iconovo has just moved into larger premises and customized laboratories. Major investments have been made in equipment and in hiring individuals with key skills.
“Our customers have been requesting a complete pharmaceutical product for a long time. I'm delighted to now be able to offer our customers development of both inhaler and drug formulation,” says Orest Lastow, CEO of Iconovo.
Iconovo’s founders met when they worked at AstraZeneca. They are now working together to create technical solutions for inhalation of medications, which gives them a unique position in the market.
“We are extremely pleased about their success and I am proud that SmiLe can provide support to entrepreneurially-managed firms that have the ambition to grow in the international market,” says Ebba Fåhraeus, CEO at SmiLe incubator.
For additional information, please contact:
Orest Lastow, CEO, Iconovo AB
Mobile: +46 765422220