Cebix Raises $30.9M in Series B Financing

Cebix, Inc., a La Jolla, California-based biopharmaceutical company developing treatments for complications of diabetes, has raised $30.9m in Series B financing.

Backers include existing investors InterWest, Sofinnova Ventures and Thomas, McNerney & Partners.

Led by newly appointed Dr. Joel Martin as president and CEO, Cebix also announced results of a Phase 1/2 trial of its lead investigational drug, ERSATTA™ in peripheral neuropathy. ERSATTA is a once-weekly C-peptide therapy to target loss of nerve function and other vascular complications in type 1 diabetes patients.

The company plans to use the funds for its Phase 2b trial in early Q1 2013, which is designed to demonstrate improvement in nerve conduction velocity in a multi-dose, 240 patient trial over one year of self-administered weekly therapy and to evaluate several other measures of neuropathy, including vibration sensation, neurological status, erectile dysfunction and quality of life, as well as symptoms and markers of nephropathy.



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