Edinburgh-based 1nhaler, a drug delivery device developer, has secured £2M (approximately €2.3M) in a fresh round of funding to advance its single-use dry powder inhaler (DPI).
The investment was led by Archangels, with contributions from Dr. Yusuf Hamied, British Business Investments (BBI), and seed investors.
Dr. Hamied, the non-executive Chairman of Indian pharmaceutical giant Cipla, is renowned for his contributions to pioneering the production of affordable drugs aimed at combating AIDS and other life-threatening diseases in developing countries.
Dr Sarah Hardy, Director and Head of New Investments at Archangels says, “Don, Lisa and the team at 1nhaler have developed a truly innovative technology platform with a clear route to market and opportunity to positively disrupt the status quo of single-dose medicine delivery”.
“We’re proud to add 1nhaler to our portfolio of Scotland’s leading life sciences and technology businesses and look forward to working with them to increase the availability of life-saving drugs affordably and sustainably.”
Smallest, simplest, sustainable dry powder inhaler in the world
While inhalable medicines are commonly employed for various conditions like asthma, epilepsy, allergies, and Parkinson’s, existing delivery methods face challenges related to accessibility, cost, performance, and environmental impact.
Founded in 2017 by Don Smith and Lisa McMyn, 1nhaler aims to address these issues by creating a sustainable, cost-effective delivery device capable of administering a variety of dry powder drugs.
The company mentions in a statement that in contrast to traditional inhalers, which are often bulky and costly to produce and distribute, 1nhaler’s sustainable DPI is constructed from cardboard and shares the dimensions of a credit card.
The discrete platform technology incorporates a breathable membrane that can be customised to deliver specific drugs to patients.
This design not only addresses environmental concerns associated with plastic inhalers but also provides a more cost-effective alternative.
1nhaler says it will use the funds to collaborate with global innovative firms, enabling the delivery of new and existing drugs to patients.
Lisa McMyn, founder of 1nhaler says, “Our DPI has the potential to become the simplest, most convenient single-dose, disposable inhaler on the market, revolutionising the delivery of critical drugs, without the cost and environmental impact of existing devices.”
“Securing funding from Archangels is invaluable for the next steps in the 1nhaler’s development. Their life sciences expertise and patient capital approach are exactly what we’re looking for in a funding partner,” adds McMyn.
Brief about Archangels
Established in 1992, Archangels is a business angel syndicate focused on early-stage investments in Scottish life sciences and technology companies. The syndicate consists of approximately 120 members.
Archangels’ portfolio currently encompasses around 20 companies. The firm’s investor members have invested over £160M in early-stage companies with disruptive technology, protectable IP and the potential to scale globally.