Rani Therapeutics said it raised a Series B round led by Google Ventures and joined by InCube Ventures and VentureHealth. No financial details were provided.
PRESS RELEASE
Rani Therapeutics™ Secures Series B Funding; Round Led by Google Ventures
Investment Accelerates Development for Breakthrough Oral Biotherapeutics Platform
San Jose, CA – August 28, 2013 – Rani Therapeutics today announced it has closed its Series B round of funding, led by Google Ventures. InCube Ventures, a life sciences venture fund that invests in breakthrough medical innovations, and VentureHealth, a healthcare crowdfunding portal, also joined the round.
Rani Therapeutics has developed a platform to convert injectable drugs, including TNF-alpha Inhibitors (e.g.adalimumab and etanercept) and basal insulin, into pills. The company has demonstrated double-digit bioavailability in pre-clinical studies. The funding will support the further development of the company’s novel approach for the oral delivery of large drug molecules including peptides, proteins, antibodies, RNAi therapies and select vaccines.
“We are keenly aware of the magnitude of the problem we are solving, and the potential impact this technology could have on the market,” said Mir Imran, Chairman & CEO, Rani Therapeutics. “We are seeing tremendous results from our pre-clinical studies. Google Ventures’ investment is a great vote of confidence in our company, and we are looking forward to the next exciting phase in our development.”
“The oral delivery of large molecules is considered the Holy Grail of drug delivery,” said Blake Byers, Google Ventures partner. “Mir Imran and InCube Labs have a proven track record for solving some of the most challenging problems in medicine. At Google Ventures, we often say that we invest in entrepreneurs who want to change the world, and our investment in Rani is a perfect example of that mission at work.”
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About Google Ventures
Google Ventures (www.googleventures.com) provides seed, venture and growth stage funding to the most innovative and promising entrepreneurs across a variety of industries. Founded in 2009, Google Ventures has extensive entrepreneurial experience, deep technical knowledge, and expertise in building high growth, scalable products and companies.
About InCube Ventures
InCube Ventures (www.incubevc.com) is a life sciences venture firm focused on investing in and nurturing promising life sciences companies. The firm’s mission is to identify extraordinary innovations that solve unmet clinical needs for large patient populations, and help bring those innovations to market.
About VentureHealth
VentureHealth is an online venture fund platform for accredited investors who want access to breakthrough opportunities in the $2.5 trillion US healthcare sector. Based in Silicon Valley, the firm was founded by professional investors with strong track records, who are passionate about improving healthcare. The team vets investments based on its deep experience in company building, and is incentivized by the quality of deals, not quantity. The time has come for offline fundraising to move online. For more information please visitwww.VentureHealth.com.
About Rani Therapeutics
Rani Therapeutics has developed a novel approach for the oral delivery of large drug molecules, which to date can only be delivered through injections. The approach and technology for Rani Therapeutics was developed at InCube Labs, a multi-disciplinary life sciences R&D lab focused on developing breakthrough medical innovations. InCube is led by Mir Imran, a prolific medical inventor, entrepreneur and investor. Mir has founded more than 20 life sciences companies and holds more than 200 issued patents. For more information, go towww.ranitherapeutics.com and www.incubelabs.com.
