ViaCyte raises fund to develop diabetes treatment
ViaCyte announced on Wednesday that it has raised a total of US$10.6 million in Series C-1 funding. Several big names participated in the round, including Johnson & Johnson Development Corp., Asset Management Company or Johnson Trust, and Sanderling Ventures.
ViaCyte is a cell therapy development firm, focusing of the treatment of diabetes. The company is headquartered in Atlanta, Georgia.
The fund raised matched the company's previous US$10.1 million grant approval by the California Institute of Regenerative Medicine last October. This award was given to the company in support of the research and development of the VC-01, an enterprise of ViaCyte which is used as transformative therapy to Type 1 and Insulin Type 2 diabetes patients.
The company also has the option to sell more Series C-1 Preferred Stock shares.
Commenting on the fundraiser, ViaCyte President Paul Laikind, Ph.D., said "The success of VC-01 will validate ViaCyte's proprietary, stem cell-derived cell therapy platform that has multiple applications, as well as demonstrate the full utility of the Company's encapsulation technology for enabling allogeneic cell therapy treatments."