Impel Neuropharma, a US-based drug developer focused on the central nervous system that is backed by manufacturing conglomerate 3M, announced a $36m series C round on Friday.
The money is being supplied by venture capital firms VenBio, 5am Ventures and Vivo Capital. Impel has received $21m of the amount so far, while the remaining cash is dependent on certain development and business milestones.
Founded in 2008, Impel Neuropharma has created a device, called Pod, that delivers drugs through the nose. The company is currently working on treatments for conditions including migraine, Alzheimer’s and Parkinson’s disease, and hopes to add more drug candidates next year.
3M, through its corporate venturing arm 3M Ventures, participated in a $12m series B round in October 2015. Impel obtained $4m in a first close, according to a regulatory filing, though details about if or when it received the remaining capital have not been revealed.
Impel Neuropharma earlier secured a total of $9.2m in equity funding, according to securities filings.
John Hoekman, chief executive of Impel Neuropharma, said: “We are especially pleased that our new investors recognised the value in the Pod technology. Their support allows us to move our lead products closer to FDA approval.”
Stewart Parker, executive chair of Impel Neuropharma, said: “We believe the quality and caliber of our new investor group is a testimony to Impel NeuroPharma’s progress and to the potential of its technology base.
“We look forward to working with them to bring Impel NeuroPharma’s exciting products to fruition.”