Impel raising $36M series C round

Drug delivery company Impel NeuroPharma Inc. (Seattle, Wash.) raised $21 million in the first tranche of a planned $36 million series C round from new investors venBio, 5AM Ventures and Vivo Capital. The company is eligible to receive another $15 million contingent upon achieving certain device development and clinical milestones.

Impel uses inhaler technology to deliver liquid or powder drug formulations to the deep nasal cavity and CNS. Interim CEO John Hoekman told BioCentury the company plans to seek approval of its lead candidate, INP-104, to treat migraine through FDA's 505(b)(2) pathway. He said the intranasal formulation of dihydroergotamine (DHE) mesylate is at an "early clinical stage."...