Impel NeuroPharma, Inc., a Seattle, WA-based clinical stage biotechnology company developing intranasal drug treatments for central nervous (CNS) disorders, closed a Series C funding round in an amount up to $36M.
Backers included venBIO, 5AM Ventures and Vivo Capital.
The company, which received $21m in the initial tranche with the remaining $15m to be received upon accomplishment of certain development and business milestones, intends to use the funds for the clinical development of its lead compounds.
Led by CEO John Hoekman, Impel NeuroPharma is developing a pipeline of drug-device combination products built upon its Precision Olfactory Delivery™ (POD™) nasal delivery platform.
According to the company, by delivering therapeutics to the upper nasal cavity, the POD nasal delivery platform takes advantage of the vascular rich olfactory region for improved bioavailability and has the potential to target the brain via the olfactory and trigeminal nerves.
Impel NeuroPharma, which intends to continue developing combination products both internally and through pharmaceutical company partnerships for migraine, Alzheimer’s and Parkinson’s disease, expects that new, additional indications will enter the clinic in 2017.