Enable Injections Closes $30M Series A Financing Led By ORI Healthcare
CINCINNATI--(BUSINESS WIRE)--Enable Injections, Inc., the developer of advanced wearable large volume injectors for subcutaneous delivery of biologics and high volume drugs, today announced the closing of $30M Series A financing. Enable Injections will use the round, led by ORI Healthcare Fund (ORI Fund), to commercialize the company’s patient-focused drug delivery product, the Enable Injector.
“It is very fulfilling to invest in Enable’s technology, which brings value to all key stakeholders in the healthcare world--patients, providers and payers.”
The small, lightweight pain- and error-minimizing device adheres to the body during treatment, comfortably delivering biologic doses as large as 50mL with the push of a button, no needle in sight. Used at home or work, it offers an alternative to costly intravenous infusions in a healthcare setting and is expected to lower overall healthcare costs while positively impacting outcomes by boosting compliance.
The innovative injector also benefits pharmaceutical companies, making development of stable, bioavailable, clinically-relevant biologics formulations easier, faster, and less costly.
Biologics now comprise the majority of top selling medications for numerous cancers, autoimmune diseases and genetic disorders. Most biologics are required in doses exceeding 5mL. By comparison, the typical syringe dose is 1mL. Subcutaneous injection of biologics is the preferred delivery method but is not feasible without the new technology.
“For delivering high volume biologics, Enable Injections is the pioneer that can change the standard of care,” said ORI Fund founder Simone Song. “It is very fulfilling to invest in Enable’s technology, which brings value to all key stakeholders in the healthcare world--patients, providers and payers.”
CincyTech, Cincinnati Children’s Hospital, CintriFuse and Ohio Innovation Fund also participated in the financing.
“Mike Hooven is a proven medical device entrepreneur who leads an outstanding team,” said CincyTech CEO Bob Coy. “The Enable injector has the potential to transform the delivery of a significant and growing category of drugs. It offers comfort and convenience to patients, a point of differentiation to pharmaceutical companies, and a reduction of costs to the health care system.”
Said Michael Hooven, President and CEO of Enable Injections, “We are delighted to be working with ORI, CincyTech and our syndicate partners to bring Enable’s technology to our pharma partners and their patients.”
About ORI Healthcare Fund
ORI Fund, a US $200 million venture capital fund, focuses on investing in innovative companies with disruptive technologies in the healthcare industry globally. The fund is founded by Ms. Simone (Hong Fang) Song, former investment banker and head of China Healthcare at Goldman Sachs. The team consists mostly of former Goldman Sachs bankers and healthcare scientists.
About Enable Injections
Founded February 2010 by medical device industry veterans, Cincinnati, OH-based Enable Injections develops and manufactures wearable devices that allow easy, comfortable patient self-administration of large volume/high viscosity drugs for pharmaceutical and biotechnology industry investigational use. The Enable body-worn injector utilizes any standard container closure system, including syringe or vial; automatically warms and can automatically mix lyophilized solutions. www.enableinjections.com.
