Big money alert.
Evendale-based Enable Injections, a "startup that looks to help patients suffering from chronic conditions better administer their medications using a device they can operate from home," has today announced it had wrapped up the first closing of a Series B round that will raise up to $50 million.
Bridgewater, N.J.-based Sanofi, a global biopharmaceutical company, led the round. Also participating in the round included previous investors like ORI Healthcare Fund, CincyTech, Cincinnati Children's Hospital, Ohio Innovation Fund, Cintrifuse, Cleveland Clinic and other "key private investors."
"We are delighted by the level of enthusiasm and financial support from Sanofi and our existing investors as we scale from our existing clinical production to high-volume, large scale commercial manufacturing of our enFuse drug delivery platform," said Enable Injections president and CEO Michael Hooven.
The company wasn't the only group excited about the news.
"Enable Injections has made significant progress and is now a clinical stage company with its initial products in human clinical trials," said Enable Injections board member and CincyTech Director of Life Sciences John Rice. "This financing will enable the company to advance to a commercial scale and bring its first products to market. The investment and partnership with Sanofi provide that commercial validation."
This wasn't the only big financial win for the Cincy ecosystem this year; in June, area startup Ahalogy was acquired by Quotient for $50 million.
Editor's Note: Enable Injections was named of seven Cincy startups to watch in 2018. Catch the full list here.
