Dance Biopharm Holdings, Inc., a San Francisco-based clinical stage biopharmaceutical company, has raised around $20.5 million in equity financing.

Molex Ventures, LLC, a subsidiary of Koch Industries, made an equity investment in Dance Biopharm and was joined by a syndicate of institutional and individual accredited investors.

Dance Biopharm will use the new funds to make the insulin and devices for Phase 3 registration studies for Dance 501, IND-enabling studies for Dance 601, a GLP-1 analog, organizational preparation for the execution of these studies.

Additionally, the company will use the new funds for general corporate purposes. More so, it plans to initiate a global, Phase 3 clinical development program with Dance 501 in patients with type 1 and type 2 diabetes in mid-2020.