Healthcare Industry News: HSMN NewsFeed
News Release - June 9, 2021
ViaCyte Announces Closing of $45 Million Financing to Advance Broadest Portfolio of Stem Cell-Derived Therapies for Type 1 DiabetesBrings the Company's total Series D funding to more than $115 million
SAN DIEGO, June 9, 2021 -- (Healthcare Sales & Marketing Network) -- ViaCyte, Inc., a clinical-stage regenerative medicine company, today announced the closing of a $45 million financing tranche that brings the total Series D financing to more than $115 million. The financing includes participation by existing investors Bain Capital Life Sciences, TPG Capital, RA Capital Management, Sanderling Ventures, as well as long-time insiders. New investors in the round include Adage Capital Partners, Invus Group, Asymmetry Ventures, and Artis Ventures. Proceeds from the financing will be used to fund the most advanced portfolio of stem cell-derived therapies designed to provide a functional cure for patients with type 1 diabetes.
Michael Yang, President and Chief Executive Officer of ViaCyte, commented, "There have been few paradigm shifting innovations in the 100 years since the discovery of insulin. ViaCyte's portfolio of stem cell-derived therapies are first-in-category, first-in-class products that represent major advances in finding a functional cure for type 1 diabetes and other chronic diseases in the future. This financing should allow us to accelerate the development of our three novel approaches to reduce the burden faced by people with type 1 diabetes. With several of our therapies already in the clinic, we look forward to an exciting year of progress in our clinical trials."
"We are pleased to receive support in this financing from both our high caliber existing investors as well as new investors," added Brittany Bradrick, Chief Financial Officer and Chief Operating Officer of ViaCyte. "Our strengthened balance sheet positions ViaCyte for growth as we advance our product candidates through the clinic to realize our mission of developing a functional cure for patients with type 1 diabetes and drive value for our shareholders."
The Company is currently advancing a Phase II clinical study on its product candidate PEC-Encap, a treatment comprised of pancreatic islet precursor cells encapsulated in a novel membrane developed in partnership with W. L. Gore & Associates, Inc. Additionally, the Company is on track to provide data on its second Phase II product candidate PEC-Direct in the first half of 2022 with preliminary data to be presented at the American Diabetes Association Scientific Sessions in June 2021. PEC-Direct is being developed for patients with hypoglycemia unawareness and/or extreme glycemic events. ViaCyte's third program, PEC-QT, is partnered with CRISPR Therapeutics for the development of a first-in-class gene-edited immune-evasive cell line which anticipates a first in human clinical trial initiation by year-end.
ViaCyte is a privately held regenerative medicine company developing novel cell replacement therapies based on two major technological advances: cell replacement therapies derived from pluripotent stem cells and medical device systems for cell encapsulation and implantation. ViaCyte has the opportunity to use these technologies to address critical human diseases and disorders that can potentially be treated by replacing lost or malfunctioning cells or proteins. The Company's first product candidates are being developed as potential long-term treatments for patients with type 1 diabetes to achieve glucose control targets and reduce the risk of hypoglycemia and diabetes-related complications. To accelerate and expand the Company's efforts, ViaCyte has established collaborative partnerships with leading companies, including CRISPR Therapeutics and W.L. Gore & Associates. ViaCyte is headquartered in San Diego, California. For more information, please visit www.viacyte.com and connect with ViaCyte on Twitter, Facebook, and LinkedIn.
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