SAN DIEGO, June 9, 2021 /PRNewswire/ — ViaCyte, Inc., a clinical-stage regenerative drugs firm, at present introduced the closing of a $45 million financing tranche that brings the overall Collection D financing to greater than $115 million. The financing contains participation by present buyers Bain Capital Life Sciences, TPG Capital, RA Capital Administration, Sanderling Ventures, in addition to long-time insiders. New buyers within the spherical embrace Adage Capital Companions, Invus Group, Asymmetry Ventures, and Artis Ventures. Proceeds from the financing will likely be used to fund essentially the most superior portfolio of stem cell-derived therapies designed to supply a purposeful treatment for sufferers with sort 1 diabetes.
Michael Yang, President and Chief Govt Officer of ViaCyte, commented, “There have been few paradigm shifting improvements within the 100 years for the reason that discovery of insulin. ViaCyte’s portfolio of stem cell-derived therapies are first-in-category, first-in-class merchandise that signify main advances find a purposeful treatment for sort 1 diabetes and different power ailments sooner or later. This financing ought to permit us to speed up the event of our three novel approaches to scale back the burden confronted by folks with sort 1 diabetes. With a number of of our therapies already within the clinic, we look ahead to an thrilling 12 months of progress in our scientific trials.”
“We’re happy to obtain assist on this financing from each our excessive caliber present buyers in addition to new buyers,” added Brittany Bradrick, Chief Monetary Officer and Chief Working Officer of ViaCyte. “Our strengthened stability sheet positions ViaCyte for progress as we advance our product candidates by way of the clinic to appreciate our mission of creating a purposeful treatment for sufferers with sort 1 diabetes and drive worth for our shareholders.”
The Firm is at present advancing a Part II scientific research on its product candidate PEC-Encap, a remedy comprised of pancreatic islet precursor cells encapsulated in a novel membrane developed in partnership with W. L. Gore & Associates, Inc. Moreover, the Firm is on observe to supply knowledge on its second Part II product candidate PEC-Direct within the first half of 2022 with preliminary knowledge to be offered on the American Diabetes Affiliation Scientific Classes in June 2021. PEC-Direct is being developed for sufferers with hypoglycemia unawareness and/or excessive glycemic occasions. ViaCyte’s third program, PEC-QT, is partnered with CRISPR Therapeutics for the event of a first-in-class gene-edited immune-evasive cell line which anticipates a primary in human scientific trial initiation by year-end.
ViaCyte is a privately held regenerative drugs firm creating novel cell alternative therapies primarily based on two main technological advances: cell alternative therapies derived from pluripotent stem cells and medical gadget techniques for cell encapsulation and implantation. ViaCyte has the chance to make use of these applied sciences to deal with crucial human ailments and issues that may doubtlessly be handled by changing misplaced or malfunctioning cells or proteins. The Firm’s first product candidates are being developed as potential long-term therapies for sufferers with sort 1 diabetes to attain glucose management targets and cut back the chance of hypoglycemia and diabetes-related issues. To speed up and develop the Firm’s efforts, ViaCyte has established collaborative partnerships with main firms, together with CRISPR Therapeutics and W.L. Gore & Associates. ViaCyte is headquartered in San Diego, California. For extra info, please go to www.viacyte.com and join with ViaCyte on Twitter, Facebook, and LinkedIn.
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SOURCE ViaCyte, Inc.