Trinity Capital Inc (NASDAQ: TRIN) said on Tuesday that it had provided $35 million in equipment financing to ApiJect Systems Corp, a public-benefit medical technology company.
ApiJect works with pharmaceutical companies to design rapidly scalable, cost-efficient drug delivery systems and, after that, it provides assistance in manufacturing the devices.
“We built the ApiJect injection platform to deliver an affordable prefilled option for most, if not all, injection medicines supported by a high volume manufacturing process and compact supply chain,” Jay Walker, Co-Founder, Executive Chairman and CEO of ApiJect, said in a press release.
“With Trinity’s partnership, we are well positioned to expand our manufacturing capacity here in the U.S., file for regulatory approval for our initial device in the coming months, and partner with a growing list of pharma companies that want to use our injection technology with their drugs.”
Stock Performance
The shares of Trinity Capital Inc (TRIN) closed 0.56% ($0.08) lower at $14.08 on Nasdaq on Tuesday, as they snapped a two-day streak of gains.
The company’s total market cap now stands at $751.458 million.
The shares of Trinity Capital Inc (TRIN) went up 32.94% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have retreated 3.10% so far this year.
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