Dance Biopharm has raised $21 million from 283 investors as part of a $59.2 million offering, according to a document filed with the SEC this week.

The privately-held California-based company’s Dance 501 device stores a liquid formulation of recombinant human insulin in a hand-held electronic inhaler. Using a vibrating mesh, the device produces particles of liquid insulin in a soft mist.

The first sale of the $59.2 million round took place on Jan. 7. The company is offering equity and securities to be acquired upon exercise of warrants as part of the round, according to the SEC filing.

Last year, Dance Biopharm announced that it raised $24.5 million in a private equity round with contributions from Molex Ventures.

“The industry is seeing a 9% global growth in new diabetic patients each year,” Lily Yeung, VP of Molex Ventures, said last year. “Dance Biopharm has taken the complexity out of insulin delivery with an innovative and much-needed solution designed to address the specific needs of this growing market while supporting device compliance and adherence.”