Rani Therapeutics, the San Jose, CA-based developer of a pill designed to replace injectable drug delivery for patients suffering from chronic diseases, raised $53m in funding.
This round, which brought the total raised to $142m in funding, saw the participation from GeneScience Pharmaceuticals, Shire, Bossa Ventures, and Cathay Venture, Inc., GV, the investment arm of Alphabet Inc., Novartis, AstraZeneca, Ping An Ventures, Virtus Ventures, among others.
The company intends to use the funds to invest in manufacturing in preparation for human clinical trials.
Led by Mir Imran, Chairman, CEO and founder, Rani Therapeutics has developed The RaniPill™, a pill which represents a pain-free alternative for painful injections for patients suffering from chronic conditions.
To further support the move to clinical trials, the company has brought on Ray Diradoorian, former global head of manufacturing for Allergan, as a consultant, and has hired Wilfredo Ortiz to lead day-to-day manufacturing operations. In addition to bolstering the internal team, Rani is working with a manufacturing automation company to help develop the aseptic manufacturing line needed for human testing.
The research and technology behind Rani Therapeutics came out of InCube Labs, a multi-disciplinary life sciences R&D lab focused on medical innovations.