Dance Biopharm Inc., a Brisbane, CA-based biotechnology company focused on the development of inhaled insulin products to treat diabetes, completed a $9.5m convertible note and warrants financing.
Participants in the financing included a syndicate of individual and institutional investors, the majority of whom are focused on the biotechnology and healthcare sectors.
The proceeds will be used to fund human clinical studies, manufacture drug and devices for clinical studies, and for working capital and general corporate purposes.
Led by Dr. John Patton, chairman and chief executive officer, Dance Biopharm focuses on the clinical development of inhaled insulin products to treat diabetes patients worldwide. The company, which began operations in 2010, is advancing Dance 501, an inhaled insulin product consisting of a high purity liquid formulation of recombinant human insulin stored in a dispenser for administration with a small handheld electronic inhaler. The inhaler utilizes a patented vibrating mesh technology, designed to produce consistently sized particles of liquid insulin in the form of a smooth mist, allowing the delivery of insulin into the lungs in a few breaths.