Sanofi-backed Enable Injections has gone big with its series C round. Three years after Sanofi led its series B, Enable Injections has raised a $215 million round to fund work on subcutaneous drug delivery system enFuse.
Enable Injections’ device consists of a wearable delivery disc and a system for transferring the drug from its original vessel. Users put the disc in the transfer system, connect a syringe or vial to another part of the system and wait for the delivery device to fill up with the drug.
Once full, the user removes enFuse from the transfer base, automatically exposing an adhesive, puts it on the patient’s skin and removes the safety tab. Pressing the button on the front of the disc inserts the needle, starting the flow of the drug into the patient. The patient can track the progress of the delivery by viewing a gauge on the device.
After all of the drug is delivered, the patient presses the button to retract the needle and removes the device from their skin. Both parts of the system, enFuse and the transfer base, are single-use products.
RELATED: Enable Injections nabs $30M to advance its biologics injector
Enable Injections is pitching the product as a way to transform administration of many drugs. According to the company, the average time to place an IV is 13 minutes, and 1 in 4 attempts fail. With more than 1 billion IVs placed every year, those figures suggest there is a significant opportunity to reduce the time nurses spend on drug delivery and increase the throughput of patients.
Magnetar Capital sees potential in the idea, prompting it to lead the series C round with support from investors including GCM Grosvenor, Squarepoint Capital and Woody Creek Capital Partners. Tim Flaherty, chief financial officer at Enable Injections, set out what the financing means for the company.
“This financing will provide additional resources to onboard important new pharma partner programs and accelerate our commercialization programs and platforms with existing pharma partners,” Flaherty said in a statement. The involvement of Magnetar could support those goals, with Enable Injections CEO Mike Hooven highlighting the investor’s “extensive network of financial and biotech” as a positive.