Rani Therapeutics adds two directors, closes $60.3 million funding

Rani Therapeutics Holdings Inc. (NASDAQ: RANI) announced the appointment of Abraham Bassan and Vasudev Bailey to its board of directors. Andrew Farquharson and Maulik Nanavaty stepped down from the board in conjunction with the new appointments.

Bassan serves as a partner at Samsara BioCapital, a biotech investment firm he joined in 2017. He previously held positions as director of program biology at Revolution Medicines and project manager for gene therapy programs at bluebird bio. Bassan holds a bachelor's degree in molecular biology from Princeton University and a master's degree in developmental biology from Stanford University.

Bailey is a general partner at Anomaly Ventures and sits on advisory boards at Johns Hopkins Medicine's Department of Biomedical Engineering and the University of California, Irvine. He co-founded GLG Institute and worked as a management consultant at McKinsey & Company. Bailey earned a Ph.D. in biomedical engineering from Johns Hopkins University School of Medicine and a bachelor's degree in biomedical engineering from UC Irvine.

The clinical-stage biotherapeutics company also closed a private placement that generated approximately $60.3 million in gross proceeds. Samsara BioCapital led the funding round, with participation from Anomaly, RA Capital Management, Special Situations Funds, Invus and Mir Imran, the company's executive chairman.

Rani Therapeutics develops the RaniPill capsule technology designed to enable oral delivery of biologics and drugs that typically require injection or infusion. The company has conducted preclinical and clinical studies to evaluate the safety, tolerability and bioavailability of its capsule platform.

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