Semma Therapeutics, a Cambridge, MA-based developer of a cell therapy for Type 1 diabetes, closed a $44m Series A funding.
The round was led by MPM Capital, with participation from Fidelity Biosciences, ARCH Venture Partners, and Medtronic participating.
Alongside the equity financing, Semma entered into an undisclosed agreement with Novartis Pharmaceuticals.
The company intends to use the funds to advance its program through clinical proof-of-concept in man.
Led by and Robert Millman, CEO and co-founder, and Managing Director of MPM Capital, Doug Melton, PhD, Scientific Founder, Semma Therapeutics develops therapies for Type 1 diabetes patients. Ongoing research is focused on combining the company’s proprietary cells with a device to provide a replacement for the missing beta cells in a diabetic patient without immunosuppression.