Segment
Type of investment
Product Development
The product development segment consists of biotech and pharma companies advancing products or technologies to proof-of-concept, clinical or otherwise, and towards marketing approval. These companies have a massive valuation uplift potential and a clear pathway to success. Flerie encourages partnering, licensing and expansion of the investor base to provide resources or opportunities. Flerie remains engaged to the appropriate endpoint, which could include the company entering commercial growth.
Egetis Therapeutics
Egetis Therapeutics is developing Emcitate® (tiratricol), a drug candidate with the potential to become the first approved treatment for patients with MCT8 deficiency. The European Commission approved Emcitate® in 2025, and the company initiated a new drug application (NDA) in the US following the completion of the ReTRIAC trial. The company is also developing Aladote® (calmangafodipir), a first-in-class treatment aimed at preventing acute liver damage from paracetamol overdose, with Orphan Drug Designation in the US and in the EU. Egetis is preparing for a pivotal Phase 2b/3 trial with the candidate.
Sweden
Nicklas Westerholm
Lipum
Lipum is developing a biological anti-inflammatory drug candidate SOL-116 that features a novel mechanism of action targeting BSSL. The company is initially focused on treating rheumatoid arthritis while also exploring other inflammatory diseases with significant unmet medical needs, such as juvenile idiopathic arthritis and inflammatory bowel disease. Lipum is preparing to enter Phase II with SOL-116 in patients with rheumatoid arthritis.
Sweden
Ola Sandborgh
Mendus
Mendus develops off-the-shelf, allogeneic immunotherapies, enabling the immune system to summon an active, long-lasting immunity against tumour cells. By stimulating dendritic cells, a key cell type in the immune system, Mendus’ immunotherapies have the potential to improve long-term survival for cancer patients. The company’s lead candidate vididencel is currently being evaluated in several clinical trials, targeting acute myeloid leukaemia and ovarian cancer, and the company will include chronic myeloid leukaemia as an additional indication.
Sweden
Erik Manting
Xintela
Xintela addresses this array of diseases by developing novel treatments that centre on the use of the integrin α10β1 – a cell surface marker used for both stem cell therapy and targeted cancer treatments. Xintela’s stem cell product XSTEM® is currently in clinical trials for knee osteoarthritis and more recently difficult-to-heal leg ulcers. The company also has EQSTEM for veterinary joint diseases, licensed to EQGen Biomedical. In oncology, Xintela’s subsidiary Targinta is advancing two candidates: TARG9, an antibody-drug conjugate, and TARG10, a function-blocking antibody. Targinta entered into a collaboration with Memorial Sloan Kettering Cancer Center in 2025.
Sweden
Evy Lundgren
Xspray Pharma
Xspray Pharma develops improved formulations of marketed PKIs using its innovative HyNap technology, resulting in highly soluble amorphous product candidates with the potential to improve treatment outcomes. The company’s lead candidate, Dasynoc, demonstrates a therapeutic effect comparable to its crystalline equivalent at a 30% lower dose, highlighting the potential of the company’s technology. Xspray aims to enter the market as a competitor to established blockbuster drugs as soon as the drug substance patents expire, bypassing secondary patents. Over the coming five years, 23 PKI-drug substance patents are expected to expire, creating a substantial market opportunity.
Sweden
Per Andersson
Commercial Growth
The commercial growth segment consists of companies that are already selling products or services and showcasing proof-of-concept with high growth and potential to reach profitability in the near term. These companies are generally derisked in terms of technical and product development risks, but often require larger investments and generate lower multiples.
Flerie supports expansion through organic growth and M&A opportunities. Flerie will retain the investment as long as it creates value.
Nanologica
Nanologica is a Swedish life science tools company that offers state-of-the-art purification methods founded in materials science and nanotechnology. The company’s main product NLAB Saga® is a silica-based media offered specifically to manufacturers that purify peptide drugs, e.g., insulin and GLP-1 analogues. By developing, producing, and selling advanced expendables to manufacturing companies, Nanologica helps customers optimise workflows while lowering costs.
Sweden
Andreas Bhagwani