ViaCyte announced today that it closed a $45 million Series D financing tranche to bring the total round to more than $115 million.
San Diego-based ViaCyte said in a news release that proceeds raised in the financing will be earmarked for its advanced portfolio of cell-derived therapies designed to provide a functional cure for patients with type 1 diabetes.
Currently, the company is advancing a Phase II clinical study on the PEC-Encap product candidate, a treatment comprised of pancreatic islet precursor cells encapsulated in a novel membrane. ViaCyte developed PEC-Encap in partnership with W.L. Gore & Associates.
ViaCyte said it remains on track to provide data on its second Phase II product candidate, PEC-Direct, in the first half of 2022, with preliminary data set to be presented at the American Diabetes Association Scientific Sessions later this month.
The financing round received contributions from existing investors Bain Capital Life Sciences, TPG Capital, RA Capital Management and Sanderling Ventures, among other long-time insiders. New investors include Adage Capital Partners, Invus Group, Asymmetry Ventures and Artis Ventures.
“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,” ViaCyte president & CEO Michael Yang said in the release. “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.”