Diasome Pharmaceuticals, Inc., a Cleveland, OH-based innovative life sciences technology company focused on the development of novel therapies for the treatment of diabetes and other metabolic conditions, raised up to $30m in funding.
The round was led by Medicxi, with participation from the JDRF T1D Fund (Boston, MA), Black Beret Life Sciences, LLC (Houston, TX), and an investor group led by McDonald Partners, LLC (Cleveland, OH). Concurrent with the investment, Medicxi founding partners Dr. Michele Ollier and Mr. Giuseppe Zocco joined Diasome’s Board of Directors.
The company intends to use the funds to continue its clinical development program and general operations, including the execution of its ongoing ISLE-1 (InSulin Liver Effect) Phase 2b study of HDV-Insulin in subjects with Type 1 diabetes. This study is being conducted at more than 20 sites in the United States and is nearing the end of its enrollment period. Diasome has also initiated patient enrollment in two new Phase 2 human (Type 1 diabetes) studies of HDV + insulin within the last month.
Led by Robert Geho, CEO, Diasome is a clinical stage biopharmaceutical company focused on the clinical and commercial development of therapies for diabetes and obesity. Based on research and development in the fields of cell receptor targeting, insulin formulation, and hepatic (liver) glucose metabolism, the company’s pipeline includes novel, proprietary liver targeted insulins for both Type 1 and Type 2 diabetes patients that are currently being tested in multiple human clinical trials.
In addition, the company is developing a first-in-class oral compound for the Type 2 diabetes population that is based upon new insights into normal glucose metabolism and a novel mechanism of action.