Impel NeuroPharma Inc. said today that it closed a $36 million series C financing round to fund its pipeline of precision olfactory delivery (POD) intranasal devices. Life science firms venBIO, 5AM Ventures and Vivo Capital made investments in the round. Seattle-based Impel will get $21 million upfront and $15 million after it reaches development and business milestones.
Impel’s POD nasal devices are designed for improved bio-distribution, bio-availability and decreased dose-to-dose variability of small molecules and biologic drugs. The device delivers drugs to the upper nasal cavity, taking advantage of the vascular rich olfactory region and targeting the brain using the olfactory and trigeminal nerves. The company is developing combination products for migraine, Alzheimer’s and Parkinson’s disease. Impel said that it expects new indications will enter the clinic next year.
“The nasal cavity is a vastly underutilized entry point for therapeutics into the circulation,” Impel CEO John Hoekman said in prepared remarks. “Our POD nasal delivery platform is designed to deliver therapeutics into the deep nasal cavity. This form of administration may allow for an improvement in bio-distribution and consistency compared to current delivery methods. Impel NeuroPharma is striving to use the POD system to develop improved drug-device combination products in under-served patient populations. We are especially pleased that our new investors recognized the value in the POD technology. Their support allows us to move our lead products closer to FDA approval.”
“We believe the quality and caliber of our new investor group is a testimony to Impel NeuroPharma’s progress and to the potential of its technology base,” Impel executive chair Stewart Parker added. “We look forward to working with them to bring Impel NeuroPharma’s exciting products to fruition.”
“The biodistribution data that Impel NeuroPharma has generated with the POD delivery platform demonstrates its potential to improve our approach to treating multiple diseases. We’re excited to use the platform to bring new treatments to patients,” venBIO principal Dr. Aaron Royston said.
