DiogenX announced that it completed a $30 million Series A financing round to support its regenerating insulin-producing beta cells.
Marseille, France-based DiogenX aims to use the funds to advance its lead drug candidate into clinical development. The company designed the disease-modifying, recombinant protein to treat patients with type 1 diabetes. It modulates the Wnt/β-catenin signalling pathway to regenerate pancreatic insulin-producing beta cells.
To date, DiogenX achieved in vivo proof of concept, demonstrating efficacy in prevention and reversion settings. It also demonstrated “an unprecedented effect” on human beta cell mass generation, leading to increased functional insulin-producing beta cells.
Data demonstrated well-tolerated long-term exposure to the drug in all preclinical modules. The company says the data suggests the potential for broad clinical utility. This could come in monotherapy and in combination with insulins and therapies that replace or protect beta cells.
DiogenX adds the $30 million round to $4.8 million previously raised in June 2020.
Boehringer Ingelheim Venture Fund (BIVF) led the round. New investors Roche Venture Fund, Eli Lilly and Omnes joined the round as well. Historic investors JDRF T1D Fund and AdBio partners participated, too. As part of the financing, David Evans, investment director at Roche Venture Fund, joins DiogenX’s board of directors.
“We are working to develop a breakthrough therapy to harness the patient’s own remaining endogenous beta cells to increase insulin production and modify the course of type 1 diabetes, potentially eliminating the need for exogenous insulin in some patients,” said Benjamin Charles, CEO of DiogenX. “The successful closing of this financing and the strong consortium of biopharma and diabetes leaders will support DiogenX with the expertise required to advance the development of our lead program towards patients.”