Dance Biopharm announced that the company completed a private equity financing round that raised $24.5 million that included participation by Molex Ventures, an electronics company that is involved in development of the Dance 501 connected soft mist inhaler for delivery of insulin. In December 2017, Dance announced that it had partnered with Phillips-Medisize for development of the device.
According to Dance, the new funding will be used for manufacturing of the drug and devices for clinical studies and for the studies themselves, as well as for working capital and general corporate purposes. The company plans to begin the Phase 3 clinical program for Dance 501 in 2019.
Dance Chairman John Patton commented, “This additional capital is important as we continue to prepare for more clinical trials for Dance 501 (our inhaled insulin product candidate for diabetes), and we are delighted to have SternAegis Ventures and Molex enabling this new financing.”
Read the Dance Biopharm press release.
