Enable Injections’ First Closing of Series B Round to Include New Investor
Enable Injections, Inc. recently announced it has completed a first closing of a Series B round that will raise up to $50 million, led by Sanofi.
Previous investors ORI Healthcare Fund (ORI Fund), CincyTech, Cincinnati Children’s Hospital, Cintrifuse, Ohio Innovation Fund, Cleveland Clinic and key private investors also participated in the financing.
“We are delighted by the level of enthusiasm and financial support from Sanofi and our existing investors as we scale from our existing clinical production to high-volume, large scale commercial manufacturing of our enFuse™ drug delivery platform,” said Michael D. Hooven, President and CEO of Enable Injections.
Biologics now comprise the majority of top selling medications and drugs in pharmaceutical company pipelines for treating numerous cancers, autoimmune diseases and genetic disorders. A large number of biologics now-a-days are required in doses exceeding 5mL. Their high volume and viscosity currently require costly, inconvenient intravenous (IV) administration. Subcutaneous injection of biologics is the preferred delivery method, which is currently not as feasible without new technology, such as Enable enFuse.
Consequently, when biopharma companies want to make delivery of biologic doses of 5mL to 50mL more convenient for patients, they partner with Enable Injections to combine their drugs with the small body-worn, easy-to-use self-administration technology. The alliances support product differentiation and the combination products are expected to improve compliance.
“Enable Injections has made significant progress and is now a clinical stage company with its initial products in human clinical trials,” said John Rice, PhD, Enable Injections Board Member and CincyTech Director of Life Sciences. “This financing will enable the company to advance to a commercial scale and bring its first products to market. The investment and partnership with Sanofi provide that commercial validation.”
A combination products company, Cincinnati, OH-based Enable Injections develops and manufactures wearable drug delivery devices that allow easy, comfortable patient self-administration of large volume/high viscosity drugs in doses from 5 mL to 50 mL. Enable’s body-worn enFuse™ drug delivery platform utilizes any standard container closure system, including syringes or vials; automatically warms and can automatically mix lyophilized solutions. Enable’s devices are available for pharmaceutical and biotechnology industry investigational use. For more information please visit www.enableinjections.com and follow us on www.twitter.com/EnableInjection.
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