Diasome Pharmaceuticals said today that it inked a funding deal that could bring the company up to $30 million. The round was led by Medicxi and contributed to by JDRF T1D Fund, Black Beret Life Sciences and McDonald Partners.
The Cleveland-based company said it plans to use the funds to support the clinical development of its hepatocyte directed vesicles (HDV) technology. Diasome’s additive is designed to direct the delivery of commercial insulin therapies to the liver’s hepatocytes.
The company is conducting a Phase IIb study of HDV-insulin in subjects with Type I diabetes and Diasome said it is almost at the end of its enrollment period. The company also launched two new Phase II studies of its technology in patients with Type I diabetes within the last month.
“The investment by Medicxi, JDRF T1D Fund, Black Beret, and McDonald Partners represents a significant validation of Diasome’s technology, and we will benefit from their track records of working with and advising successful drug development companies” CEO Robert Geho said in prepared remarks.
“It has never been understood why insulin as a hormone replacement therapy cannot mimic the endogenous insulin activity. With HDV liver-targeted insulin, Diasome is providing a simple and elegant answer to this problem, with their preliminary human data showing that HDV makes commercial insulin more physiological, and therefore, significantly more effective. We look forward to assessing the results of the ongoing Phase II studies,” Medicxi founding partner Michele Ollier said.
“Diasome is the first investment from Medicxi’s Growth Fund I, and the company represents a unique and disruptive opportunity in the global diabetes field,” Medicxi founding partner Giuseppe Zocco added. “The HDV system’s proprietary mechanism of action and physiology-based design are without precedent in the diabetes pharmaceutical landscape.”
Along with the investment, Ollier and Zocco joined Diasome’s board of directors.
“JDRF knows how challenging it has been to provide patients with Type 1 diabetes insulin therapies that are able to lower overall blood glucose levels while avoiding and protecting against low blood sugar, or hypoglycemic, episodes,” Jonathan Behr, managing director of the JDRF T1D fund, said. “We recognize that HDV + insulin therapy could be a significant advance for patients, and we are excited to support Diasome’s team as they move forward.”
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