Impel NeuroPharma said today that it raised $67.5 million in a Series D financing round, with investments from KKR, Norwest Venture Partners, Vivo Capital, 5Am Ventures and venBio Partners.
The Seattle-based company plans to use the round’s proceeds to support clinical development efforts for its intranasal drug-delivery device technology.
Impel’s INP104 product is in a Phase III trial for the treatment of acute migraine headache. The company also has a product in a Phase II trial for the reversal of “off” periods in people with Parkinson’s disease, as well as a product in a Phase I trial for the treatment of acute agitation in bipolar I and schizophrenia disorders.
Dr. Robert Mittendorff, a partner at Norwest, and Ali Satvat, a member at KKR, plan to join Impel’s board of directors in connection with the financing round.
“We are delighted to have the support of this exceptional group of both new and existing investors. Dr. Mittendorff and Mr. Satvat will be tremendous assets as new members of Impel’s Board of Directors and we believe that this investment is a testament to the strength of our POD technology, our clinical programs and our management team,” CEO Jon Congleton said in prepared remarks.
“With three product candidates progressing through various stages of clinical development in 2018, it has been an exciting year for Impel, and this financing confirms the value that we are generating with our clinical programs,” Congleton added.