Health Firm That Licensed Tech From Cincinnati Children’s Raises $215M
Research By: Eric Wall, MD
Post Date: January 28, 2022 | Publish Date:
Enable Injections, an Evendale-based healthcare firm that launched after licensing technology invented by a Cincinnati Children’s surgeon, has raised $215 million in Series C financing.
Magnetar Capital led the financing along with new institutional investments from GCM Grosvenor, Squarepoint Capital, Woody Creek Capital Partners, and other investors, Enable Injections announced Jan. 27, 2022.
Enable stated that it received significant continued support from existing investors, including Cincinnati Children’s, CincyTech, Cintrifuse, and the Ohio Innovation Fund.
The investigational-stage company reportedly has raised more than $314 million since its founding in 2010, which makes it the region’s best-funded startup, according to the Cincinnati Business Courier.
The enFuse device developed by Enable Injections is designed to be worn on the body and slowly inject medications under the skin in large volumes of up to 50mL. The goal is to provide patients and providers with a safe, convenient, and cost-effective alternative to IV administration.
“Enable Injections has seen a dramatic increase in demand for enFuse’s high-volume drug delivery technology,” Mike Hooven, founder and CEO of the company, said in a news release. “The funding from Magnetar will help enFuse continue to redefine intravenous drug delivery by meaningfully scaling our development and commercialization efforts. This will help us reach even more patients who depend on intravenous medications and, we believe, significantly improve their lives.”
The Enable technology evolved from an idea of Eric Wall, MD, director of Orthopaedic Sports Medicine at Cincinnati Children’s. He hoped to minimize or eliminate vaccination pain in infants.
His idea of delivering a slow, painless injection was tested on about 30 infants receiving their first round of vaccination at Cincinnati Children’s about 15 years ago. The medical center made intellectual property filings related to the concept.
In 2012, Hooven decided there was a greater market opportunity for a body-worn injector that could deliver medication to adult patients with serious illnesses such as cancer. So, Enable pivoted in that direction.
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