Suono Bio announced today that it raised $8.5 million for its drug delivery platform in an oversubscribed Series A financing round.
Foxborough, Mass.-based Suono Bio had its financing led by Axil Capital and Mizuho Securities Principal Investment. Taiwanaia Capital and other investors also participated.
According to a news release, Suono Bio will use the funds raised to advance its lead programs in inflammatory bowel disease and to expand its pipeline.
Suono Bio’s platform design enables the rapid, targeted delivery of drugs, including gene therapies, the company said. It developed the platform for therapeutics for inflammatory-mediated diseases in professor Robert Langer’s laboratory at the Massachusetts Institute of Technology with the aim of enabling, rapid, localized delivery of small molecules, biologics and nucleic acids and gene therapies without the need for encapsulation of the therapeutic.
“We are thrilled to have marquee investors involved with Suono Bio and speaks to the rapid pace with which the team has taken a conceptual technology from Prof. Langer’s lab and operationalized it to address pressing health issues,” Suono Bio CEO Scott Kellogg said in the release. Proceeds from the Series A financing will allow completion of the development of the company’s first product for treating ulcerative colitis, readying it for human trials, and further the development of the overall technology platform.