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, regardless of its composition or viscosity. The technology is based on patents held by Massachusetts Institute of Technology.
Patrick Anquetil, Portal’s chief executive, said: “Adherence is a huge problem in chronic diseases and needle-related safety concerns are real. The Portal device offers a transformed patient experience.
“The injection is needle-free, fast, with shorter injection duration and sensation for the patient. The device is easy to use and digital health features empower the patient to holistically manage their chronic condition and improve their adherence.”
The company closed an $11m series A round led by Sanofi Sunrise and backed by PBJ Capital and a unnamed medical device manufacturer in October 2014.
This article first appeared on Global Corporate Venturing.
