Dance Biopharm Holdings, Inc., a San Francisco, CA-based clinical stage biopharma company focused on the development of novel soft mist inhalable formulations of biologics for people living with chronic diseases, completed an approximately $20.5m equity financing round.
Participants included a syndicate of institutional and individual accredited investors. Molex Ventures, LLC, a subsidiary of Koch Industries, also made an equity investment in Dance.
The company intends to use the funds for manufacturing of the insulin and devices for Phase 3 registration studies for Dance 501, IND-enabling studies for Dance 601, a GLP-1 analog, organizational preparation for the execution of these studies, and general corporate purposes.
Founded in 2010 by John Patton, Ph.D., and led by Anne Whitaker, Chief Executive Officer, Dance Biopharm Holdings is a private company focused on developing novel inhaled formulations of biologics to treat diabetes and other serious chronic diseases.
Dance 501, its most advanced product candidate, includes a novel, preservative-free formulation of inhaled recombinant human insulin delivered via a proprietary, smart, handheld soft mist device. Dance 501 has been designed to enable delivery of insulin into a patient’s lungs in just a few breaths yielding high lung deposition and distribution.
The company plans to initiate a global, Phase 3 clinical development program with Dance 501 in patients with type 1 and type 2 diabetes in mid-2020.