The clinical-stage biotechnology company will also use the proceeds to expand its research pipeline across autoimmune diseases, immunology, neurological disorders and oncology.
The new sterile manufacturing plant will complement Bracco’s existing production operations in Europe, Asia and Canada, expanding its global manufacturing network.
The facility operates in accordance with requirements established by the US Food and Drug Administration (FDA) and the Drug Enforcement Administration (DEA).
The financing attracted existing investors Deerfield Management, Canaan, Droia Ventures, EcoR1, Euclidean Capital and Regeneron Ventures.
Enthorin will receive an upfront payment and an option exercise fee, alongside milestone payments tied to development, regulatory and commercial progress.
Formation Bio will serve as the fund’s general partner through a wholly owned subsidiary and has committed its own capital alongside external limited partners.
RadNet could also pay an additional earnout of up to US$210 million if ONRAD achieves specified earnings before interest, taxes, depreciation and amortisation (EBITDA) targets for 2027.
Freedom builds on the sensing technology used in Senseonics’ Eversense 365 CGM system.
The agreement extends the biotechnology company’s partnership with the Biomedical Advanced Research and Development Authority (BARDA), established in 2020.
The device combines an adjustable upper-arm cuff and monitoring unit in a single assembly, eliminating external tubes and cables.