Drug-delivery device developer snags Sanofi as investor
- Enable Injections announced the first closing of a Series B financing round, led by an investment from Sanofi, that is expected to raise up to $50 million.
- The Cincinnati, Ohio-based company is developing a wearable device for subcutaneous, or under the skin, delivery of biologics and other therapeutics.
- Enable said the funding will allow the company to move to large-scale commercial manufacturing of its enFuse drug delivery platform that allows patients to self-inject prescription drugs.
Founded in 2010, Enable Injections is currently studying its initial products in human clinical trials. CEO Michael Hooven has worked with Enable Injections' board members for an average of more than 20 years, according to the company’s website. The group previously started AtriCure, a maker of devices to treat atrial fibrillation that went public in 2005.
In addition to Sanofi, Enable Injections' Series B investment round includes previous investors ORI Healthcare Fund, CincyTech, Cincinnati Children's Hospital, Cintrifuse, Ohio Innovation Fund, Cleveland Clinic and private investors.
"This financing will enable the company to advance to a commercial scale and bring its first products to market," John Rice, Enable Injections board member and director of life sciences for investment firm CincyTech, said in a statement. "The investment and partnership with Sanofi provide that commercial validation."
Eight of the top 10 selling drugs in the world were biologics in 2017. A large number of biologics are delivered in doses greater than 5 mL, according to Enable Injections, and require intravenous, or IV, administration because of their high volume and viscosity.
Enable's enFuse device allows patient self-administration of large-volume, high-viscosity drugs in does from 5 mL to 50 mL. The company said the ability to self-inject medications is expected to improve patient compliance.
The device, worn on the body, uses standard container closure systems, including syringes or vials. It automatically warms and can automatically mix lyophilized solutions, the company said.