CyDex Pharmaceuticals, Inc. developed Captisol®, a drug delivery technology that can significantly improve the solubility, stability and bioavailability of active pharmaceutical ingredients. Captisol is a doughnut-shaped cyclodextrin molecule that holds a drug in its center, while the molecule’s exterior permits dissolution of the complex. Early commercial applications include VFend, an anti-fungal drug developed by Pfizer. Exit: Acquired by Ligand Pharmaceuticals, Inc. in January 2011.