Florealis - an Icelandic pharmaceutical company – has introduced Lyngonia, a non-antibiotic herbal remedy against urinary tract infections (cystitis). Annually, there are around 150 million women worldwide suffering from the attack of repeated urinary tract infections. Antibiotics are the treatment that is usually prescribed for cystitis. However, the long-term usage of antibiotics can lead to antibiotic resistance, and thus Lyngonia is an important alternative. Lyngonia was the first herbal medicine approved by the Icelandic Medicines Agency, with data supporting its utilization.
Florealis was part of Startup Reykjavik in 2013, an Icelandic accelerator established as a partnership between Arion Bank and Icelandic Startups. Florealis has received financing over the years from lead limited partners and funds, including Skuli Valberg and Einvala Investments. Most recently, Florealis closed a $3.9m funding round by NSA Ventures:
“Exciting times ahead for us, following the addition to our investor group,” said Kolbrún Hrafnkelsdóttir, CEO of Florealis, in a statement. “Our first products have been received very well in Iceland, and we’re ramping up marketing and sales efforts in the Nordics.”
Life science companies focusing on research and development in Iceland, benefit from favorable patent legislation, low corporate tax, and encouraging financial incentives for R&D and commercial applications. To learn more, please visit Invest in Iceland.
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