Rani Therapeutics, a US-based developer of oral treatments for chronic diseases, has received $53m in funding from internet technology group Alphabet, insurance firm Ping An and several pharmaceutical companies.
Pharmaceutical firms GeneScience Pharmaceuticals, AstraZeneca, Shire and Novartis joined Bossa Ventures, Cathay Venture and Virtus Ventures in the round, while Alphabet and Ping An participated through subsidiaries GV and Ping An Ventures respectively.
Rani is developing a pill-based large-molecule drug delivery system called the RaniPill to treat chronic diseases such as arthritis, diabetes, psoriasis or haemophilia. It will function as a simpler and less painful alternative to injections.
The round increased Rani’s overall funding to $142m. GV led its $10m series B round in 2013, investing together with venture capital fund InCube Ventures and healthcare crowdfunding platform VentureHealth.
GV, Novartis, pharmaceutical packaging supplier Stevanato Group, InCube Ventures, VentureHealth, Crystal Horizon Investments, Pinemount Investments, and Pacific Venture Opportunity Fund and Buttonwood Funds provided $15.5m more in 2015.
Rani raised an undisclosed sum from AstraZeneca, Ping An Ventures, Novartis, GV, drug producer KPC Pharmaceuticals, VentureHealth, InCube Ventures, Buttonwood Funds, GF Ventures and Virtus in 2016. It added $39m in September 2017, according to a securities filing.
Mir Imran, Rani’s founder, chairman and CEO, said: “The addition of new top tier investors is great validation not only of Rani’s potential, but of the success we have already experienced in pre-clinical testing.”
“Building on our early achievements, we are now focused on manufacturing the RaniPill in order to move towards our next major milestone of human clinical trials, which we expect to enter within the next year.”