Nanoform Finland, a leading nanoparticle medicine performance-enhancing company, has announced that Business Finland has approved a 5 million Euros research and development loan to support the clinical development of nanoapalutamide, Nanoform’s proprietary nanocrystalline formulation of apalutamide.
“We are grateful for Business Finland’s continued support and confidence in our technology and vision,” said prof. Edward Hæggström, CEO of Nanoform. “This funding enables us to further accelerate the clinical validation of our nanoformulation platform and bring a more patient-friendly and sustainable alternative to the market.”
Nanoapalutamide is one of Nanoform’s several product co-development programs for value-added medicines and the next-generation reformulation of Johnson & Johnson’s Erleada (apalutamide). By leveraging Nanoform’s proprietary technology platforms, the nanoformulated version enables a significantly higher drug load, allowing for a substantially smaller tablet size. This innovation is designed to improve patient adherence and reduce pill burden – an important consideration for prostate cancer patients.
The 5 million Euros loan covers up to 50% of the costs associated with the clinical development program through to the pivotal bioequivalence study. Up to 30% of the loan funding granted for the project is paid as an advance at the beginning of the project, and the remaining loan amount based on realized costs.
The interest rate on the loan is three percentage points below the base interest rate, or at least one percent, and no collateral is required. The loan period is ten years, of which five are installment-free. If the project fails or its results cannot be used in Nanoform’s business operations, part of the loan may remain uncollected.
The nanoapalutamide program is part of Nanoform’s broader “Small as an Ingredient” initiative, which aims to replace conventional amorphous solid dispersion (ASD) technologies with more sustainable and patient friendly nanocrystalline solutions. There are ~50 marketed ASD medicines globally that sell for ~$50bln annually, and many more candidates in the development phase.
