Enable Injections Inc, a combination products company developing advanced wearable devices for subcutaneous delivery of biologics and other high volume therapeutics, completed a first closing of a Series B round that will raise up to $50M, led by Sanofi. Previous investors ORI Healthcare Fund (ORI Fund), CincyTech, Cincinnati Children's Hospital, Cintrifuse, Ohio Innovation Fund, Cleveland Clinic and key private investors also participated in the financing. For more information see the IDTechEx report on Wearable Technology 2018-2028.
"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," said Michael D. Hooven, President and CEO of Enable Injections.
Biologics now comprise the majority of top selling medications and drugs in pharmaceutical company pipelines for treating numerous cancers, autoimmune diseases and genetic disorders. A large number of biologics now-a-days are required in doses exceeding 5mL. Their high volume and viscosity currently require costly, inconvenient intravenous administration. Subcutaneous injection of biologics is the preferred delivery method, which is currently not as feasible without new technology, such as Enable enFuse.
Consequently, when biopharma companies want to make delivery of biologic doses of 5mL to 50mL more convenient for patients, they partner with Enable Injections to combine their drugs with the small body-worn, easy-to-use self-administration technology. The alliances support product differentiation and the combination products are expected to improve compliance.
"Enable Injections has made significant progress and is now a clinical stage company with its initial products in human clinical trials," said John Rice, PhD, Enable Injections Board Member and CincyTech Director of Life Sciences. "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."
Source and top image: Enable Injections Inc