Propeller Health is set to develop a new platform for digital medicine after raising $20 million in a recent funding round.
The funding round was led by Aptar Pharma, a drug delivery systems company based in Illinois with manufacturing facilities worldwide. Aptar and Propeller are collaborating on a platform to be used in developing digital medicines for multiple disease areas.
Other investors in the round include Safeguard Scientifics, Social Capital, Hikma Ventures, SR One and Milwaukee-based 3M Ventures. Aptar invested $10 million.
Proceeds from the round will support the development of this platform, as well as other products from Propeller aimed at treating chronic respiratory disease. The Madison-based company has operations in 16 countries, and plans to keep growing.
“Today marks a major step forward for our company,” said David Van Sickle, co-founder and CEO of Propeller Health. “We now have the foundation in place to bring the benefits of digital medicines to many new conditions.”
The two companies will work together on a a digital medicine platform which will include inhaled, injectable, nasal and skin-based medicine delivery. The platform will be co-marketed, with Propeller managing the digital services and Aptar Pharma managing device development, supply chain and manufacturing.
According to a release, Propeller and Aptar will team up with other partners in the pharmaceutical and health care space to develop digital medicines for other marketed brands. These two companies first came together in 2016 to develop an integrated connected metered dose inhaler, for use by asthma patients.
Tech-augmented medicines like these can make treatments more precise, track patient condition, help patients stick to their treatment regimens and more.
“Aptar Pharma has been providing innovative drug delivery systems for nearly 50 years, helping billions of patients around the world,” said Salim Haffar, Aptar Pharma president. “Today, we are excited to broaden our offerings as we continue this journey towards improved patient care and clinical outcomes.”
–By Alex Moe