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RANI Therapeutics Holdings, Inc. ("RANI Therapeutics" or "RANI") (Nasdaq: RANI), a clinical-stage biotherapeutics company focused on the oral delivery of biologics and drugs, today announced the appointment of Abraham ("Abe") Bassan and Vasudev Bailey, Ph.D., to its Board of Directors. In conjunction with the new appointments, Andrew Farquharson and Maulik Nanavaty have stepped down from the Board of Directors.
"We are thrilled to welcome Abe and Vasudev to our Board of Directors as we enter an exciting new era for Rani, highlighted by both our clinical-stage pipeline and expansion opportunities into high-value therapeutics from our recently announced collaboration with Chugai," said Talat Imran, CEO of Rani Therapeutics. "Both are seasoned investors with successful track records that will bring a diverse set of skills to our Board. Abe's deep experience as an operator in supporting therapeutics programs along with Vasudev's expertise in biomedical engineering and emerging healthcare technology will be instrumental in unlocking the full potential of our oral delivery platform."
Abe Bassan is currently a Partner at Samsara BioCapital, a leading biotech investment firm focused on identifying opportunities across public and private markets, where he joined in 2017 following the fund's inception. In prior roles, he served as the Director of Program Biology at Revolution Medicines and was a project manager for multiple gene therapy programs at bluebird bio. Before bluebird, Abe was an Associate at Third Rock Ventures, where he was involved in the firm's investment in bluebird bio and concept creation for Blueprint Medicines. He received an BA in Molecular Biology from Princeton University, and an MS in Developmental Biology from Stanford University.
Vasudev Bailey, Ph.D., is currently the General Partner of Anomaly Ventures. He also sits on the Board of Advisors for the Department of Biomedical Engineering at Johns Hopkins Medicine (since 2019) and the Board of the University of California, Irvine, since 2024. Vasudev has an extensive track record investing in health technology and therapeutics companies. Prior to his venture career, he served as the General Manager and Co-founder of GLG Institute, the world's largest network of CEOs and CXOs, and as a Management Consultant at McKinsey & Company. Before McKinsey, he spent five years at Johns Hopkins School of Medicine developing technology for the early detection of cancer, focusing on epigenetics-based personalized chemotherapy testing. Vasudev holds a Ph.D. in Biomedical Engineering from The Johns Hopkins University School of Medicine and a BS in Biomedical Engineering with a Minor in Political Science from UC Irvine.
Rani concurrently announced the closing of its previously announced private placement that is expected to result in gross proceeds to Rani of approximately $60.3 million and was led by Samsara BioCapital, with participation from additional investors, including, Anomaly, RA Capital Management, Special Situations Funds, Invus and Mr. Mir Imran, the Company's executive chairman.
About Rani Therapeutics
Rani Therapeutics is a clinical-stage biotherapeutics company focused on advancing technologies to enable the development of orally administered biologics and drugs. Rani has developed the RaniPill® capsule, which is a novel, proprietary and patented platform technology, intended to replace subcutaneous injection or intravenous infusion of biologics and drugs with oral dosing. Rani has successfully conducted several preclinical and clinical studies to evaluate safety, tolerability and bioavailability using RaniPill® capsule technology.
About Samsara BioCapital
Founded in 2017, Samsara BioCapital is a leading biotech investment firm focused on identifying opportunities across public and private markets. Samsara invests across the full spectrum from early-stage start-up to late-stage clinical assets with a focus on companies that will have a significant impact on patients and address high unmet medical needs. Samsara works with entrepreneurs and top-tier management teams that they believe will have a meaningful impact on innovative therapeutics. The Samsara team has deep expertise in biotech with significant experience working together prior to founding the firm. The team is led by Srinivas Akkaraju, who has over twenty-seven years of industry experience and has an MD and a PhD in Immunology from Stanford University.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the expected contribution of two new directors and our ability to unlock full potential of our oral delivery platform. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "believe," "potential," "expect," "may," "could" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Rani's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Rani's business in general and the other risks described in Rani's filings with the Securities and Exchange Commission, including Rani's annual report on Form 10-K for the year ended December 31, 2024, and subsequent filings and reports by Rani. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. Rani undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Investor Contact:
investors@ranitherapeutics.com
Media Contact:
media@ranitherapeutics.com
