Privately-held Dance Biopharm said yesterday that it raised $24.5 million in a private equity round to help fund the development of its inhaled insulin product.
SternAegis Ventures was the exclusive placement agent for the offering. Molex Ventures, an electronics company working with Dance to develop a connected insulin delivery device, contributed to the round.
The Dance 501 device stores a liquid formulation of recombinant human insulin in a dispenser with a hand-held electronic inhaler. The device uses vibrating mesh to produce particles of liquid insulin in a soft mist.
“This additional capital is important as we continue to prepare for more clinical trials for Dance 501 (our inhaled insulin product candidate for diabetes), and we are delighted to have SternAegis Ventures and Molex enabling this new financing,” chairman John Patton said in prepared remarks.
“The industry is seeing a 9% global growth in new diabetic patients each year,” Lily Yeung, VP of Molex Ventures added. “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. This exciting technology and unique patient care approach aligns well with our Molex Ventures investment strategy.”