Enable Injections sets up $50m series B

Enable Injections, a US-based medical device developer, yesterday achieved the first close of a series B round featuring Ohio Innovation Fund, the university venture fund formed by Ohio State University and Ohio University.
Pharmaceutical firm Sanofi is leading the round, which has a target size of $50m and also includes healthcare providers Cincinnati Children’s Hospital and Cleveland Clinic as well as ORI Healthcare Fund, CincyTech, Cintrifuse and assorted private investors.
Enable Injections has not revealed how much capital it secured in the initial tranche or when it expects to complete the round.
Founded in 2010, Enable Injections has developed a wearable device, EnFuse (pictured above), for self-administered subcutaneous injections of biologics, a type of drug that is manufactured using living microorganisms, plants or animal cells.
Biologics are used in the treatment of cancers, autoimmune diseases and genetic disorders, but their high dosage and viscosity typically require them to be administered intravenously – making the process expensive and inconvenient for the patient.
The series B funding will help the company scale its clinical production to high-volume commercial manufacturing.
Ohio Innovation Fund previously contributed to a $30m series A round closed in October 2016 and led by ORI Healthcare Fund. The series A also included Cincinnati Children’s Hospital. CincyTech and Cintrifuse.
The company submitted a securities document in September 2016 showing it had raised $10m out of a targeted $25m and supplied an updated filing in November showing it had closed the round at $25m. It is unclear how that funding relates to the series A round.
Enable Injections previously obtained $2m in equity funding in April and another $2m in August 2016, according to regulatory filings. Its earlier shareholders include Partisan Management Group.
– Feature image courtesy of Enable Injections