Pharmaceutical firm Sanofi has led a tranche of undisclosed size for US-based insulin therapy developer Thermalin as part of a series A round it expects to reach at least $17.5m.
Chemical and life science conglomerate JSR also took part in the round through MBLVC, a VC subsidiary of life science subsidiary MBL Group, as did venture capital firm Green Park and Golf Ventures and undisclosed additional investors.
Founded in 2010, Thermalin is developing new forms of insulin to lower the burden and cost of its use in the treatment of type one and type two diabetes. Its pipeline includes a fast-acting insulin that does not need refrigeration and an insulin patch that can be applied once a week.
The capital will be used to expand Thermalin’s research and development team at its main laboratory in Cleveland, Ohio. In addition to leading the close, Sanofi has also formed a partnership with the company to develop new insulin related products.
Thermalin had raised $15m in equity financing as of a $5.9m round in 2014, according to Med City News, before the round was upscaled to $6.7m later in the year according to securities filings. Non-profit business development organisation JumpStart is an earlier investor in the company.