ViaCyte, Inc., a San Diego, CA-based clinical stage regenerative medicine company, raised $80m in Series D financing.
The round, which will be completed in two tranches, was led by Bain Capital Life Sciences and joined by TPG and RA Capital Management, as well as existing investor, Sanderling Ventures, and several individual supporters.
The company intends to use the proceeds to further advance its novel stem cell-derived islet replacement therapies. These therapies have the potential to provide a functional cure for patients with type 1 diabetes as well as an important option for patients with type 2 diabetes who depend on insulin to help control their disease.
Together with the recently announced strategic collaborations and transactions with W.L. Gore and Associates and CRISPR Therapeutics, ViaCyte has secured commitments for over $100m of new financing in the second half of this year.
Led by Paul Laikind, Ph.D., President and CEO, ViaCyte is developing novel cell replacement therapies as potential long-term diabetes treatments to achieve glucose control targets and reduce the risk of hypoglycemia and diabetes-related complications. It currently has two stem cell-derived islet replacement therapy candidates at the clinical stage: PEC-Direct and PEC-Encap.
The PEC-Direct product candidate is being developed as a transformative therapy for high-risk type 1 diabetes patients and is currently being evaluated in the second stage of a Phase 1/2 trial, with initial proof-of-efficacy data expected as early as mid-2019.
The PEC-Encap product candidate is initially being developed for all patients with type 1 diabetes.