Sanofi's corporate venturing subsidiary returned to back a $25m round for drug delivery system company Portal Instruments, closed a year after its $11m series A.
US-based drug delivery device developer Portal Instruments completed a $25m series B round on Wednesday featuring pharmaceutical company Sanofi, which invested through its Sanofi Sunrise subsidiary.
The round consists of a $10m initial investment and an extra $15m dependent on certain milestones. It was led by venture capital firm 5AM Ventures and included undisclosed existing investors.
Portal is developing a needle-free drug injection mechanism that can deliver a precise amount of the drug in question at a specified tissue depth,…
