Google and Novartis have become the latest firms to help fund the early
stage development of a new 'robotic pill' that could change the face of drug
administration.
Both
companies will inject an undisclosed amount of cash to help Rani Therapeutics
develop a new drug delivery system for complex biological drugs that would
normally have to be given by injection.
Rani
said it would run feasibility studies over the next two years to assess how
certain biologic medicines from Novartis can
be delivered into the bloodstream using its device.
The
Rani capsule, which is swallowed like a conventional pill, contains tiny
needles made of sugar that are pushed into the wall of the intestine to deliver
the drug.
Mir
Imran, chairman and CEO of Rani Therapeutics, said: “We are entering into an
exciting new stage of growth for Rani, and this funding will help us continue
to de-risk our platform and create the manufacturing infrastructure we need for
clinical trials and beyond.
“We
are committed to delivering on our promise to radically transform how biologic
drugs are delivered to millions of patients, and this financing is an important
step forward.”
“Today
we are in an age where advances in life sciences are increasing at an
unprecedented rate,” said Blake Byers, General Partner at Google Ventures.
“We
are excited by the team's strong track record in pre-clinical studies and look
forward to the day Rani will improve the lives of patients.”
Other
investors in this financing include The Stevanato Group, Crystal Horizon
Investments, Pinemount Investments, and Pacific Venture Opportunity Fund, as
well as Buttonwood Funds, which joined as a follow-on investor.
In
2013 Novartis also signed a deal with Google to develop contact lenses to help diabetics
track blood glucose levels.
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