Portal Instruments, Inc., a Cambridge, Massachusetts-based developer of innovative drug delivery systems, completed an $11m Series A financing.
The round was led by Sanofi through its Sunrise initiative along with a Boston-based venture capital firm PBJ Capital and a major US medical device company. where Patrick Anquetil, Ph.D., MBA and Mark Philip, Ph.D., MBA serve as chief executive officer and chief operating officer respectively.
The company intends to use the funds to develop its system.
Led by Patrick Anquetil, CEO, Portal Instruments leveragas technology developed at MIT to develop computerized needle-free drug delivery system for administering viscous biologics and other formulations. It enables the precise delivery of the exact amount of drug at the desired tissue depth irrespective of drug viscosity and composition. The company has an intellectual property portfolio of more than 50 patents conceived and prototyped at MIT by inventor, scientist and entrepreneur Ian Hunter, Ph.D., Hatsopoulos Professor of Mechanical Engineering and Head of the BioInstrumentation Laboratory at Massachusetts Institute of Technology (MIT), a founder of the company, and to which Portal Instruments has a worldwide exclusive license.