Rani Therapeutics, a US-based drug delivery technology developer backed by internet and technology group Alphabet and pharmaceutical firms Novartis and AstraZeneca, has raised $39m in new funding, CNBC has reported.
The participants in the latest round were not disclosed, but CNBC described all three corporates as among Rani’s “current and existing investors”.
Rani is working on a system that will enable large-drug molecules such as peptides, proteins and antibodies to be delivered orally rather than through injections. The technology was initially developed at life sciences research and development centre InCube Labs.
The technology is still at preclinical stage, but Rani CEO Mir Imran told CNBC the company expects to bring it to market in the next two or three years, and that it will initially focus on common, chronic conditions like diabetes and rheumatoid arthritis.
The round boosted Rani’s overall funding to $100m according to CNBC, and it follows an undisclosed amount of capital supplied by investors including AstraZeneca, Novartis and Alphabet subsidiary GV in a February 2016 round the company said took its total funding to more than $70m.
Pharmaceutical company KPC and Ping An Ventures, insurer Ping An’s corporate venturing unit, also took part in the 2016 round, as did Virtus Inspire Ventures, Buttonwood Funds, GF Ventures, VentureHealth and InCube Ventures, the venture capital arm of InCube Labs.
GV had led Rani’s $10m series B round in 2013, investing together with InCube Ventures and VentureHealth. The three returned for a $15.5m round in May 2015 that included Novartis, pharmaceutical packaging maker Stevanato, Crystal Horizon Investments, Pinemount Investments, Pacific Venture Opportunity Fund and Buttonwood.