“Cleantech Innovation Portal” innovator, PKA SoftTouch, celebrates key Investment Milestones
A Cleantech Commons “Cleantech Innovation Portal” innovator, PKA Softtouch, recently celebrated raising $750,000 from over 400 individual investors. (You can join PKA on the portal by registering your cleantech innovation here.)
The company tells us that this pool of shareholders are now “PKA SoftTouch Co-owners“, with each investor entitled to a stake in the company proportional to their investment.
With the offering currently at $0.20 per share, and entry-level investments starting at $500, raising over $750,000 through small contributions from a large number of investors is a noteworthy achievement.
“As we conduct our first round of clinical trials, we are seeing larger investments coming through our FrontFundr campaign,” CEO Dick Crawford, says.
“It appears that people are eager to see a painless injection device hit the market and can also see the potential for a healthy return on their investment when it does.”
Given that the company hit its minimum target prior to the close of this round, Crawford says that it makes sense to set their sights on their next milestone – $1,000,000. The additional $250,000 of capital will allow PKA to complete human clinical trials: the goal for any healthcare company trying to streamline the advancement of a new medical technology.
For those who have purchased shares or are contemplating an investment, here’s what you need to know.
Round I $437,000 — raised
Capital from last years’ raise has funded significant progress in the drug approval pathway process, including:
- Designed, developed and tested device prototypes
- Developed the equipment for the filling process
- Obtained and maintained global patents (23 countries), and
- Established strategic local research and development partnerships
ROUND II 750,000 — raised
Veterinary clinical testing is being prepared with the two-day dog trial using the 3-D printed device scheduled for December 2021. Due to delays caused by the global pandemic, currently waiting on the shipment of their unique tiny micro-needles from an American producer.
ROUND II — next milestone $1,000,000
An additional $250,000 of equity will enable PKA to perform human testing in 2022;
- Funds are required to conduct Health Canada approval ($17,000) for Proof of Concept trials ($200,000).
- Confirmed a clinical trials site and must establish protocols ($20,000).
- Manufacture the device ($13,000) and begin conducting market development for the veterinary and human market.
Next Target Raise: $1,280,000
A further $280,000 in capital will allow PKA to negotiate profitable licensing agreements from among 30+ pharmaceutical companies who are waiting on clinical trial data. This data needs to validate that the technology works and that their drug is compatible with the device; also known as ‘compatibility studies’. At this point, the company will rapidly shift into commercializing the micro-needle, benefiting from revenue streams in both the animal and human markets.
PKA SoftTouch says that they are driven by the need for a patient-friendly delivery system for life-changing medication, in both the home or a medical setting. They believe that safe, affordable and painless administration of drugs should be available as an alternative to the syringe and are confident they have have designed an injection device for the future.
PKA SoftTouch Corp. is a leading-edge research and development company based in Lakefield, Ontario. The company was founded to bring its unique and revolutionary device to the growing worldwide injectable drug marketplace.