Elcelyx Therapeutics, a San Diego, CA-based developer of products for weight management and obesity-related metabolic disorders, closed a $20m Series C financing.
The round was led by GSM Fund LLC, with participation from existing investors Morgenthaler Ventures, Kleiner Perkins Caufield & Byers, and Technology Partners. In conjunction with the funding, Rick Barry of GSM Fund has been elected to the Elcelyx Board of Directors.
The company intends to use the capital to continue to develop its product candidates NewMet™ and Lovidia™.
Founded in 2010 and led by Alain Baron , M.D., President and CEO, Elcelyx Therapeutics is advancing two Gut Sensory Modulators (GSM) for the treatment of diabetes and weight loss into late-stage clinical development. Its pharmaceutical product candidate – NewMet – is a delayed-release formulation of generic metformin.
Lovidia is a proprietary mix of Generally Recognized As Safe (GRAS)-designated dietary ingredients, and is targeted to the consumer market. It can be used for multiple applications including as an over-the-counter product for weight loss and metabolic health, and as a food additive for satiety and lower glycemic index.