The financing was led by Saad Investments Company and included Masa Life Science Ventures of Washington, District of Columbia and private investors.
Eric Adams, president and CEO of engine, said: “This significant, internationally syndicated financing will provide us with sufficient funds to achieve several near-term, value-driving milestones in the development of the GEMS-Insulin program, which will then lay the foundation for a series B financing in the second half of 2008.”