Local entrepreneur set to attract more investors
PETERBOROUGH, ON– An innovative painless drug delivery device created in the Peterborough area is poised to move to final stages of development.
Once at the manufacturing stage, PKA SoftTouch could become a major employer for highly skilled workers in the healthcare field, with projected first year sales of $25 million and employing up to 350 people plus multiple economic spin-off opportunities.
Speaking at a special presentation recently in Peterborough, Dick Crawford, founder and CEO of Lakefield, Ont.-based PKA SoftTouch Corp. gave an update on the development of the PKA SoftTouch microneedle that kept the group of invited potential local investors glued to their seats for over two hours.
Crawford checked off an impressive list of milestones already reached by his partnership with inventor and PKA co-founder Dr. Pankaj Modi.
Crawford’s status report includes clinical trials planned in India for the fall of 2012. These trials will pave the way for acceptance of large-scale clinical trials in the United States, leading to Food and Drug Administration (FDA) approval.
He showed the intrigued group a sample of the tiny device, which uses a precisely manufactured, hair-like, thin needle that only penetrates the skin within a depth of 1-2mm.
“The device does not touch nerve endings, and causes no pain,” Crawford said. “It’s also disposable because the tiny needle retracts, and cannot be reused, avoiding contamination.
“Our device will improve the quality of life for patients by providing painless injections of life saving drugs,” Crawford said. “Locally, with our large population of seniors and retirees, we see a real chance to provide them with a pain-free method of drug injection.”
He and Dr. Modi have chosen to focus on insulin delivery initially.
“Insulin is the largest injectable drug market in the world,” Crawford said. “The World Health Organization estimated 177 million diabetes sufferers in 2009 and the market for insulin delivery is currently worth over $ 4 billion globally.”
Crawford outlined the painless efficiency of the drug delivery system, and its potential for a healthy return on the investment dollar for investors.
“Investors in a start-up like ours want to see what’s happening with their money. They like to play an active role in the business, and prefer to invest closer to home, so they can drive over to our office and talk to us,” he said.
Next steps include selling a license for the patented technology to a pharmaceutical insulin manufacturer.
“This will give us front end funding and royalties resulting in a positive cash flow, allowing us to complete the USFDA clinical trials and establishing a manufacturing facility for the devices in this area.” Crawford said.
For further information contact: Dick Crawford tel 705-761-9293
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