ViaCyte, Inc., a San Diego, CA-based regenerative medicine company, raised $10m in financing.
– Asset Management Partners,
– W.L. Gore & Associates, Inc.,
– certain undisclosed current investors, and
The company intends to use the funds to support the the initiation of clinical development for its PEC-Direct™ product candidate, which aims to become a functional cure for type 1 diabetes patients at high risk for acute complications as well as to support other operations including the continued development of the PEC-Encap™ product candidate, its stem cell-derived islet replacement therapy that is being developed as a treatment for all diabetes patients who require insulin to control their disease.
Led by Paul Laikind, Ph.D., president and chief executive officer, ViaCyte has two stem cell-based islet cell replacement therapies in clinical development. The PEC-Direct combination product delivers ViaCyte’s PEC-01™ pancreatic progenitor cells in an implantable device designed to allow direct vascularization of the cells. Used with concomitant maintenance immune suppression therapy, it has the potential of delivering a functional cure for patients with type 1 diabetes who are at high risk for acute life-threatening complications.
The company also announced the regulatory allowance of clinical investigation of the PEC-Direct product candidate in patients with type 1 diabetes in both Canada and the U.S.