Rani Therapeutics, the developer of a pill designed to replace injectable drug delivery for patients suffering from chronic diseases, announced that it has raised $53 million to invest in manufacturing in preparation for human clinical trials.
This investment brings the total raised to $142 million in funding. New investors include GeneScience Pharmaceuticals, one of the top biopharmaceuticals companies in China; Shire, the global biotech company focused on rare diseases; Bossa Ventures, and Cathay Venture, Inc. They join GV, the investment arm of Alphabet Inc, Novartis, AstraZeneca, Ping An Ventures, Virtus Ventures, among others who have previously invested in the company.
The RaniPill™ is a safe and pain-free alternative for painful injections, eliminating one of the biggest obstacles to patient compliance. The RaniPill could change the way that drugs such as basal insulin, Humira, Avonex, human growth hormone and many others are delivered. Each application represents a multi-billion dollar market, serving over 200 million worldwide patients suffering from diabetes, arthritis, psoriasis, hemophilia and other chronic diseases.
To further support the move to clinical trials, Rani has brought on Ray Diradoorian, former global head of manufacturing for Allergan, as a consultant, and has hired Wilfredo Ortiz to lead day-to-day manufacturing operations. Wilfredo brings more than 20 years in manufacturing operations management for the company’s plant in Texas, USA, Allergan’s largest aseptic manufacturing site in the US. In addition to bolstering the internal team, Rani is working with a manufacturing automation company to help develop the aseptic manufacturing line needed for human testing.