Enable Injections said last week that it closed a $50 million Series B round, led by Sanofi (NYSE:SNY), to fund the development of its enFuse on-body drug-delivery system.
Previous investors, including the Cleveland Clinic and CincyTech, and private investors also participated in the round.
Enable Injections has developed a drug-delivery device that’s designed to deliver doses of biologics between 5 mL and 50 mL.
After Hooven launched the company in 2010, the team at Enable Injections set out to create a product that allows a pharmaceutical company to use their existing drug container and give patients the most positive administration experience possible. The company leverages its device as a way for biopharma companies to differentiate their drugs and improve compliance among users.
“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,” president & CEO Michael Hooven said in prepared remarks.
“Enable Injections has made significant progress and is now a clinical-stage company with its initial products in human clinical trials,” John Rice, Enable Injections board member & CincyTech’s director of life sciences, added. “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.”
