Privately-held Dance Biopharm said yesterday that it raised $24.5 million in a private equity round to help fund the development of its inhaled insulin product.
SternAegis Ventures was the exclusive placement agent for the offering. Molex Ventures, an electronics company working with Dance to develop a connected insulin delivery device, contributed to the round.
The Dance 501 device stores a liquid formulation of recombinant human insulin in a dispenser with a hand-held electronic inhaler. The device uses vibrating mesh to produce particles of liquid insulin in a soft mist.
