A Greenwood Village pharmaceutical startup has received a healthy dose of funding from investors.
NanoSphere Health Sciences reported a $23.4 million capital raise in an SEC filing Jan. 25. It said the funds were part of an acquisition deal and had been converted from Canadian dollars.
President and COO David Sutton said the merger was with a shell company that will help take NanoSphere public on the Canadian Securities Exchange. NanoSphere lists offices at 8400 E. Crescent Parkway in Greenwood Village and a corporate location in Vancouver.
The company has a system to help the body absorb medications. The NanoSphere Delivery System directly transports ingredients in medicine to the bloodstream and cells. Since it does not go through the mouth and stomach, Sutton said patients can use prescriptions while avoiding side effects.
One of the applications for NanoSphere’s system is in the cannabis industry. With current regulations, Sutton said, it can be hard to track THC dosages. NanoSphere’s system helps patients keep track of exactly how much is being put into their body.
“We know exactly how much is being absorbed by the circulatory system,” he said.
Earlier this month, the company announced it had licensed its products in California to be used in the cannabis market. Sutton said the agreement will give it a place in what will be one of the largest marijuana markets in the country.
In addition to the cannabis industry, NanoSphere works with pharmaceuticals, skincare, pet health and vitamins.
Sutton said the patents the company has applied for cover all the other potential markets. The next area for expansion will be fast-acting medical systems for ailments like migraines.
“The cannabis industry is just the first industry we’ve targeted,” he said.