Healthcare Industry News: blood glucose
News Release - April 15, 2008
Diasome Pharmaceuticals Announces Series B FinancingCONSHOHOCKEN, Pa.--(HSMN NewsFeed)--Diasome Pharmaceuticals, Inc., a clinical stage diabetes therapeutics company, announced today that it has raised a Series B round of financing, co-led by Philadelphia based Quaker BioVentures and Devon Park Bioventures. The BioAdvance Venture Fund also participated as in investor in the round. Terms of the financing are not being disclosed. Diasome plans to use the financing to fund the late-stage human clinical testing of the Company’s Oral HDV-Insulin and to continue the development of the various HDV Insulin dose forms.
“The continued support of Quaker BioVentures and the BioAdvance Venture Fund, along with the addition of Devon Park Bioventures, provides important validation for Diasome’s HDV Insulin program,” says Len Rosenberg, PhD, RPh, Diasome’s Chief Executive Officer. “Diasome’s Series B investors represent some of the most respected venture firms in the biotechnology industry, and they have been and will continue to be critical contributors to the success of our Company.”
Oral HDV-Insulin, Diasome’s drug delivery system for recombinant human insulin, is based on a nano-sized insulin carrier that is specifically targeted to hepatocytes, the primary metabolic cells in the liver. Diasome’s therapies have been tested in more than 100 subjects throughout the course of several Phase II human studies, and show a remarkable ability to lower blood glucose levels in diabetics. Diasome intends to initiate long-term testing of Oral HDV-Insulin in Type II diabetes patients in mid-2008.
“Quaker is excited about the prospects for Diasome,” says Brenda Gavin, DVM, Partner at Quaker BioVentures. “The Company’s novel technology has a real opportunity to be the first oral insulin therapy to be marketed, and we are very pleased to continue our participation with this new round of financing.”
Dev Kantesaria, MD, a founder and partner at Devon Park Bioventures, says, “Diasome is positioned at the forefront of alternative delivery strategies for insulin, and we are eager to help facilitate the ongoing development of what could be a first-in-class anti-diabetic therapy.”
Dr. Gavin and Dr. Kantesaria will join the Diasome Board of Directors.
About Diasome Pharmaceuticals, Inc.
Diasome Pharmaceuticals, Inc. is a venture-backed biopharmaceutical company focused on novel insulin-based therapies for the improved treatment of diabetes. The Company was formed in 2004 and has completed multiple Phase II human studies of HDV-Insulin, its proprietary insulin targeting system. Diasome uses a unique, nano-technology based cell targeting system to preferentially deliver insulin to specific sites in the body. This technology has led to the development of Oral HDV-Insulin, an advanced oral delivery system for insulin. For more information, please visit Diasome’s website at www.diasome.com.
About Quaker BioVentures
Quaker BioVentures is a venture capital firm with over $500 million under management, dedicated to investing in life science companies located in the Mid-Atlantic region and contiguous states. The firm leads investments in companies across the spectrum of the life science industry, including biopharmaceuticals, medical devices, human diagnostics, specialty pharmaceuticals, and healthcare services. Quaker BioVentures invests in companies at all stages of development, from early stage businesses to public companies. Please visit Quaker BioVentures’ website at www.quakerbio.com.
About Devon Park BioVentures
Devon Park Bioventures, founded in 2006, is a healthcare venture capital firm with a primary focus on therapeutics companies. Based in the Philadelphia area, the firm seeks to invest in companies which have significant commercial potential based on propriety products, attractive clinical development plans and superior management teams. The General Partners of Devon Park have a longstanding history in the biotechnology business, having been lead or co-lead investor in 23 biotechnology companies over the past 18 years. For additional information, please visit www.dpbioventures.com.
Source: Diasome Pharmaceuticals
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