Impel NeuroPharma, the US-based developer of a drug delivery system for the brain and central nervous system, has closed the first tranche of a $12m series B round featuring manufacturing conglomerate 3M.
Impel did not disclose how much it has so far secured in the round, but a regulatory filing last month stated it had raised $4m. 3M led the tranche through its 3M New Ventures unit, and invested as part of a strategic alliance between Impel and another 3M subsidiary, 3M Drug Delivery Systems.
Founded in 2008, Impel is developing treatments based on its precision olfactory delivery technology. It has advanced product candidates for Alzheimer’s disease and drug-resistant migraine treatment into late-stage clinical testing.
The company had raised $9.2m in equity funding prior to the series B round, according to regulatory filings.
– Photo courtesy of Impel NeuroPharma Inc.