Molex Ventures, a subsidiary of manufacturing, chemicals and energy conglomerate Koch Industries, has invested in US-based pharmaceutical device developer Windgap Medical, in a round sized at $12.1m according to a regulatory filing.
The company said the round is being led by financial services provider Shepherd Kaplan Krochuck, and it has targeted a $39m close according to the filing. Molex Ventures invests on behalf of Koch medical device subsidiary Molex.
Founded in 2011, Windgap is developing an epinephrine pen called AndiPen to treat life-threatening allergic reactions, though it plans to add extra products in future.
Proceeds from the round will be used to support a regulatory application for its autoinjector, which is yet to be reviewed by the US Food and Drug Administration. It follows $2.8m in debt financing from 46 unnamed investors, according to a regulatory filing in 2016.
The company had previously raised approximately $5.7m in equity funding, from two rounds in 2014 and 2015. Cherrystone Angel Group was among its earlier investors.
Molex Ventures vice-president Lily Yeung said: “Windgap’s drug delivery platform has the potential to positively impact the healthcare industry by addressing stability issues experienced by patients where drugs are highly sensitive to the environment while streamlining the supply chain to help enable a more consistent supply of products.”