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news.Portal Instruments has closed a financing for $25m of its Series B Preferred Stock led by 5AM Ventures and joined by Portal’s existing private and strategic investors, including Sanofi Sunrise.
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The company has received an initial investment of $10 million, with an additional $15 million due upon the achievement of certain milestones.
Proceeds from the Series B financing will be used to further develop Portal’s groundbreaking computerized needle-free drug delivery system for injectable biologics for chronic diseases and to advance commercialization of its first product.
The underlying technology is supported by a unique intellectual property portfolio of more than 50 patents conceived and prototyped at Massachusetts Institute of Technology (MIT) by world renowned inventor, scientist and entrepreneur Ian Hunter, Ph.D., Hatsopoulos Professor of Mechanical Engineering and Head of the Bio Instrumentation Laboratory at MIT, a founder of the company, and to which Portal Instruments has a worldwide exclusive license.
Portal Instruments CEO Patrick Anquetil said: "Portal Instruments is transforming the patient experience for the delivery of injectable biologics for chronic diseases.
"Administering high viscosity, high concentration biologics is a challenge for the biopharma industry as the drugs have to be needle-injected subcutaneously, which is a slow and painful experience for patients. Drug 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. We are excited to have a respected life sciences venture capital firm such as 5AM Ventures join us on our mission."
Jim Young of Venture Partner at 5AM Venture Management said: "Portal’s breakthrough drug delivery system has the potential to address the administration of high concentration, viscous biologics in a safe, accurate manner that can significantly improve the patient experience.
"Portal has an extensive intellectual property portfolio, a first-class team of scientists and engineers, and a management team with a strong track record in the biotech industry. We are excited to be part of the Company." In conjunction with this financing, Portal Instruments named Jim Young to its board of directors.