Portal Instruments, Inc., a Cambridge, MA-based clinical stage drug delivery device company, closed a $25m Series B financing round.
The round was led by 5AM Ventures with participation from existing investors including Sanofi Sunrise. In conjunction with the financing, Jim W. Young, Ph.D., Venture Partner at 5AM Venture Management, joined Portal Instruments’ board of directors.
The company, which has received an initial investment of $10m, with an additional $15m due upon the achievement of certain milestones, intends to use the funds to further develop its computerized needle-free drug delivery system for injectable biologics for chronic diseases and to advance commercialization of its first product.
Led by Patrick Anquetil, CEO, Portal Instruments is developing a patented technology that enables the precise delivery of the exact amount of drug at the desired tissue depth irrespective of drug viscosity and composition. The company’s injection mechanism is customizable across a large variety of medical, animal, agricultural, and cosmetic applications.
The underlying technology is supported by a unique intellectual property portfolio of more than 50 patents conceived and prototyped at Massachusetts Institute of Technology (MIT) by world renowned inventor, scientist and entrepreneur Ian Hunter, Ph.D., Hatsopoulos Professor of Mechanical Engineering and Head of the Bio Instrumentation Laboratory at MIT, a founder of the company, and to which Portal Instruments has a worldwide exclusive license.