The EIIS team are excited to announce that Xeolas Pharmaceuticals, the DCU-campus based company has secured investment of €1.3 million from its’ investors. The innovative pharma business has obtained €1.1 million from The Goodbody 2018 EIIS Fund managed by Baker Tilly and Goodbody, and a further €250 thousand from private EIIS investors. The private investors are made up of a group headed by Paul Keenan, Executive Chairman of Capnua Corporate Finance. Capnua Corporate Finance also acted as the advisors for Xeolas.
“We are delighted to have secured this investment from the Goodbody EIIS Fund. With the team’s help, we are able to bring our new product, Pedippi ® to the European market in 2020 and accelerate our US and international activities,” said Damien Flynn, Chief Executive of Xeolas.
“It’s a pleasure to be able to create 10 new positions in Dublin and we look forward to growing the business to better serve all our partners and customers. A huge amount of work has taken place since our formation and this latest investment enables us to continue our journey”.
“EIIS is one of the few remaining income tax reliefs available to investors and represents a key element of effective financial planning. We are very happy with the progress of last year’s fund and are currently looking for investments for the Goodbody 2019 EIIS Fund,” said Stephen McGivern, Director of The Goodbody EIIS Funds.
Xeolas is an innovative pharmaceutical company focused on the development of niche, patient-friendly medicines. Based on DCU campus, Xeolas are an Irish owned and based company committed to niche pharmaceutical product development. This is the EIIS Fund’s first venture into the pharmaceuticals industry.
The investment is to enable Xeolas to promote and scale up new products, whilst marketing their already established product, Bonasol. Bonasol is an orange flavoured drinkable solution used to treat osteoporosis and is presented as a 100ml single use, weekly treatment. Xeolas are currently launching their new Pedippi® product in selected European markets. Pedippi® is a new prescription treatment for Gastroesophageal Reflux Disease (GERD) in small infants and is presented as a child-friendly oral suspension.
The investment will accelerate the existing R&D programmes for future products and accelerate US market launch for existing products.