SEATTLE--(BUSINESS WIRE)--Impel NeuroPharma, Inc., a Seattle-based clinical stage biotechnology company developing first-in-class intranasal drug treatments for central nervous (CNS) disorders, today announced that it has closed a Series C funding round in an amount up to $36M. venBIO, 5AM Ventures and Vivo Capital, all life science focused firms, each made equal investments to be funded in two tranches. Impel NeuroPharma received $21M in the initial tranche with the remaining $15M to be received upon accomplishment of certain development and business milestones.
Impel NeuroPharma is developing a pipeline of drug-device combination products built upon its Precision Olfactory Delivery™ (POD™) nasal delivery platform. These new nasal drug delivery devices are intended to achieve superior biodistribution, bioavailability, and decreased dose-to- dose variability of both small molecules and biologic drugs in patients. The company intends to continue developing combination products both internally and through pharmaceutical company partnerships for migraine, Alzheimer’s and Parkinson’s disease. Impel expects that new, additional indications will enter the clinic in 2017.
“The nasal cavity is a vastly underutilized entry point for therapeutics into the circulation,” said Impel NeuroPharma CEO John Hoekman. “Our POD™ nasal delivery platform is designed to deliver therapeutics into the deep nasal cavity. This form of administration may allow for an improvement in biodistribution and consistency compared to current delivery methods. Impel NeuroPharma is striving to use the POD™ system to develop improved drug-device combination products in underserved patient populations.”
“We are especially pleased that our new investors recognized the value in the POD™ technology. Their support allows us to move our lead products closer to FDA approval,” Hoekman added.
“We believe the quality and caliber of our new investor group is a testimony to Impel NeuroPharma’s progress and to the potential of its technology base,” added Stewart Parker, Impel NeuroPharma Executive Chair. “We look forward to working with them to bring Impel NeuroPharma’s exciting products to fruition.”
“The biodistribution data that Impel NeuroPharma has generated with the POD delivery platform demonstrates its potential to improve our approach to treating multiple diseases. We’re excited to use the platform to bring new treatments to patients,” said Aaron Royston of venBIO.
About POD technology
Impel NeuroPharma’s POD™ nasal drug delivery platform is designed to deliver drugs to the upper nasal cavity for improved biodistribution. By delivering therapeutics to the upper nasal cavity, the POD nasal delivery platform takes advantage of the vascular rich olfactory region for improved bioavailability and has the potential to target the brain via the olfactory and trigeminal nerves. Delivery of therapeutically meaningful levels of drugs may allow for development of more effective drugs and expand the range of treatment options available to patients.
About Impel NeuroPharma
Impel NeuroPharma, Inc. is a Seattle-based company developing intranasal drug treatments for central nervous system (CNS) disorders. Impel NeuroPharma has developed a novel drug delivery platform, the POD™ technology, that administers drug to the deep nasal cavity to improve the biodistribution of many drugs. Impel NeuroPharma’s proprietary (POD) device technology enables entirely new categories of drugs, including biologics, to be administered using a cost-effective, disposable, non-invasive intranasal drug delivery device. To learn more about Impel NeuroPharma please visit our website: www.impelnp.com
NOTICE: This document contains certain forward-looking statements, including without limitation statements regarding Impel NeuroPharma, Inc.’s plans for future research and development activities. You are cautioned that such forward-looking statements are not guarantees of future performance and involve risks and uncertainties inherent to Impel’s business which could significantly affect expected results, including without limitation progress of drug development, ability to raise capital to fund drug development, clinical testing and regulatory approval, developments in raw material and personnel costs, and legislative, fiscal, and other regulatory measures. All forward-looking statements are qualified in their entirety by this cautionary statement, and Impel’s undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.