Intrance Medical Systems, Inc., a New York-based biopharmaceutical company and a subsidiary of Sweden-based Intrance Holdings AB, raised $17M in Series A funding.
The round was led by Erik Selin and Rutger Arnhult.
The company intends to use the funds to initiate pivotal U.S. clinical trials for its lead product, a fixed-dose combination treatment of carbidopa, entacapone and levodopa for enteral infusion in advanced Parkinson’s disease patients.
Led by Patrick Shea, Chief Executive Officer, Intrance Medical Systems is a private biopharmaceutical company focused on the development and commercialization of its lead clinical product for the treatment of advanced Parkinson’s disease in the U.S., Canada, South America, Japan and Taiwan. Its lead product, known as Lecigon® in the Nordic countries and certain European markets, is a fixed-dose combination treatment of levodopa, carbidopa and entacapone for enteral infusion in advanced Parkinson’s disease patients. The company is planning to advance its U.S. clinical development program in this target indication and recently filed an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA).
In conjunction with the financing, Intrance appointed pharmaceutical industry leader Ed Schutter to the company’s Board of Directors. Mr. Schutter, who most recently served as Chief Executive Officer of Arbor Pharmaceuticals, is also a shareholder in the company and becomes Intrance’s first U.S.-based board member. He is a registered pharmacist with a B.S. in Pharmaceutical Sciences from Mercer University and an MBA from Kennesaw State University. In addition, Mr. Schutter completed graduate studies in International Business at Njienrode University, Amsterdam, Netherlands. He currently serves on the boards of directors of several public and private companies and has been a previous board member for several non-profit organizations, including the American Diabetes Association and American Heart Association.