Rani Therapeutics Raises $69 Million Series E To Advance Clinical Trials And Manufacturing Of Robotic Pill
SAN JOSE, Calif., Dec. 10, 2020 /PRNewswire/ -- Rani Therapeutics, a clinical-stage biopharmaceutical company and developer of the RaniPill™ robotic pill, today announced that it has raised $69 million in a Series E financing, bringing the total funding to $211 million. BofA Securities acted as financial advisor to the company.
The company's platform technology converts injectable drugs like PTH and adalimumab into pills. The market potential of the RaniPill™ to replace injectable biologics with oral versions, represents multiple billion-dollar opportunities for diabetes, arthritis, psoriasis, hemophilia and other diseases.
"The RaniPill™ has the potential to transform major markets where patients must endure frequent and often painful injections," said Mir Imran, Chairman, CEO and founder of Rani Therapeutics. "With this breakthrough platform, capable of creating orally available therapeutic antibodies, peptides, and proteins, we could impact millions of patients worldwide."
Rani has conducted early human studies with adalimumab and exenatide to confirm high bioavailability with the Rani delivery approach. In addition, Rani successfully completed a Phase I study of the RaniPill with octreotide demonstrating safety and reliability. In all human studies, the company has demonstrated bioavailability similar to subcutaneous injections.
The investment will accelerate clinical development of Rani's internal pipeline drugs and allow the company to scale up manufacturing. In addition to building its own pipeline of drugs, Rani has partnerships with Novartis and Takeda.
About Rani Therapeutics
SOURCE Rani Therapeutics