Rani Therapeutics Holdings, a company focused on the oral delivery of biologics, announced that it has entered into a loan agreement with Avenue Venture Opportunities Fund for up to $45M of funding. This financing is expected to support the continued advancement of the RaniPill platform and ongoing clinical development of the company’s drug pipeline.
Under the loan agreement, Rani will receive $15M of the initial $30M tranche at closing, with the remaining $15M available for draw at the company’s discretion in the fourth quarter of 2022. Rani has the right to request an additional $15M of funds in the future if certain conditions and milestones are met.