May 12, 2005 — Spherics Inc., a pharmaceutical company in Lincoln, R.I. that applies its oral drug delivery platform to improve therapeutic products, today announced that it completed its Series C round of financing, raising $26.4 million. Its drug delivery platform includes Phase Inversion Nanoencapsulation, a process to create minute drug carriers for absorption of drugs.
Advent International of Boston led the investment and was joined by new investors MVM Life Sciences, Oakwood Medical Investors, AM Pappas, Mitsubishi, and Vectis Life Sciences Fund. Series A and B investors Zero Stage Capital, CB Health Ventures, POD Holding, and Eastman Ventures all participated in this round. Jason Fisherman of Advent and Stephen Reeders of MVM joined the board of directors.