It’s another round for the record books. Enable Injections, an Evendale-headquartered medical device maker, today announced a $215 million Series C — again setting the pace for the highest fundraising round for a startup in the Greater Cincinnati region in a five-month span.
Enable, which is developing and manufacturing an investigational wearable drug delivery system called enFuse, said the growth capital injection will help it scale its development and commercialization efforts.
The round was led by Magnetar Capital, an Illinois-based hedge fund, along with new institutional investors GCM Grosvenor, Squarepoint Capital, Woody Creek Capital Partners and others.
Enable also received follow-on funding from Cincinnati Children’s Hospital, CincyTech, Cintrifuse and Ohio Innovation Fund.
Enable’s enFuse device, a body-worn drug delivery platform, is an alternative to IV administration. The device is designed to deliver large volumes for a wide range of therapies and diseases. The tech is said to provide patients and providers a safe, convenient and more cost-effective form of treatment.
Mike Hooven, Enable’s president and CEO, said the company has seen a dramatic increase in demand for enFuse. The funding will help Enable “meaningfully scale” development and commercialization efforts, he said.
“This will help us reach even more patients who depend on intravenous medications and, we believe, significantly improve their lives,” Hooven said. “Magnetar, and its health care team, bring valuable industry expertise and an extensive network of financial and biotech contacts. We are excited to grow the enFuse platform globally.”
Tim Flaherty, Enable’s chief financial officer, recently told me the company is on a path for an initial public offering, or IPO, in the coming years.
To date, Enable, founded in 2010, has invested $60 million in its manufacturing capability. Its new MSM, or modular scalable manufacturing, includes high-tech robotics and state-of-the-art equipment — and allows the company to manufacture 3 million units per year in Evendale.
“This financing will provide additional resources to onboard important new pharma partner programs and accelerate our commercialization programs and platforms with existing pharma partners,” Flaherty said in a statement.
Enable, with its Series C, has now raised more than $314 million — that puts it first on the list of the region’s best-funded startups. That spot was most recently held by 80 Acres, a Hamilton-based vertical farming startup, which has raised $250 million, including a $160 million Series B led by New York-headquartered General Atlantic, the region's previous record-setting raise.
Enable did not disclose its current valuation.
UBS Securities served as exclusive placement agent in connection with the financing.
