Portal Instruments closes US$25m Series B financing

Published: 21-Oct-2015

To develop its needle-free biologics drug delivery system


Portal Instruments, a Cambridge, MA, US-based drug delivery device company, has secured US$25m Series B financing from venture capital investors led by 5AM Ventures. Of this, the company has received $10m, with the additional $15m due upon the achievement of undisclosed milestones.

The finance will be used by the start-up to further develop its computerised needle-free drug delivery system for injectable biologics for chronic diseases and to advance commercialisation of its first product.

The underlying technology is supported by an intellectual property portfolio of more than 50 patents conceived and prototyped at Massachusetts Institute of Technology (MIT) by scientist and entrepreneur Ian Hunter, 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 licence.

'Portal Instruments is transforming the patient experience for the delivery of injectable biologics for chronic diseases,' said Patrick Anquetil, CEO. '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.'

He added: '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.'

Jim Young, 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.'

Young has joined Portal Instruments' board of directors.

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