CAMBRIDGE, Mass. March 11, 2017 – Portal Instruments, Inc., a clinical stage drug delivery device company, announced today that it has closed the second tranche of its $25 million Series B Preferred Stock led by 5AM Ventures and joined by Portal’s existing private and strategic investors, including Sanofi Sunrise. The company had received an initial investment of $10 million in October 2015 as part of this Series B financing. Portal closed the additional $15 million following the achievement of certain development milestones.
“We are pleased that our team continues to meet our developmental milestones and are exceptionally excited about the continued support and commitment of our investors,” said Patrick Anquetil, CEO of Portal Instruments, Inc. “Portal has an important mission to fulfill which is transforming the patient experience during the self-administration of viscous biologics and improving outcomes.”
Proceeds from the Series B financing will be used to further develop Portal’s groundbreaking computerized needle-free drug delivery system for injectable biologics for chronic diseases and to advance commercialization of its first-generation product. The underlying technology is supported by a unique intellectual property portfolio of more than 50 patents conceived and prototyped at Massachusetts Institute of Technology (MIT) by world renowned inventor, scientist and entrepreneur Dr. Ian Hunter, Ph.D., Hatsopoulos Professor of Mechanical Engineering and Head of the Bio Instrumentation Laboratory at MIT. Dr. Hunter is also the founder of the company to which Portal Instruments has a worldwide exclusive license.
About Portal Instruments, Inc.
Portal Instruments is a Series B funded medical device company focused on advanced drug delivery and backed by strategic and venture investors. Portal is developing and commercializing a highly innovative needle-free drug delivery platform technology to transform the administration of medicines and improve the patient experience for chronic diseases. Portal’s patented technology enables the precise delivery of drug at the desired tissue depth irrespective of drug viscosity and composition; particularly important for today’s new biological drugs. Portal’s needle-free delivery technology is derived from research at MIT and enables the administration of high viscosity biologic drugs with less discomfort and without the anxiety of handling needles. Real time tracking and reporting sets a new standard for interactivity between the patient and care teams, monitoring adherence and potentially improving patient outcomes. For more information, please visit: www.portalinstruments.com or follow @portalcambridge on Twitter.
About 5AM Ventures
Founded in 2002, 5AM Ventures actively invests in next-generation life science companies capable of delivering outstanding returns to it investors. With over $685 million under management, 5AM supports companies solving important healthcare needs via cutting-edge breakthroughs in medicine and science. 5AM’s portfolio companies spearhead novel approaches to diagnose, prevent and treat a wide range of medical conditions.
Contact Information
Dr. Patrick Anquetil
Chief Executive Officer
Pages of the Portal Instruments website may contain links to third party websites that are not under the control of Portal Instruments. Portal Instruments is not responsible for the content of any such site and the inclusion of these links does not imply the endorsement of the content of the linked site by Portal Instruments.
Portal’s platform is in development and not available for sale or use.