Fractyl Laboratories Inc., a Lexington, Mass.-based developer of minimally invasive procedural therapy that can reverse metabolic diseases, completed a $44m Series D financing.
The round was led by an undisclosed new investor, joined by new investors GV, True Ventures, and the IDO Fund and returning investors General Catalyst, Bessemer Venture Partners, Domain Associates, Mithril Capital Management, Emergent Medical Partners, L.P., and Deerfield Management Company, L.P.
The company intends to use the funds for the continued development of its Revita™ DMR technology for patients with type 2 diabetes, including support for the ongoing Revita-2 randomized clinical study.
Led by Harith Rajagopalan, M.D., Ph.D., cofounder and CEO, Fractyl is a private medical technology company advancing Revita DMR, a same-day, minimally invasive procedure to treat two highly prevalent metabolic diseases: type 2 diabetes and NAFLD/NASH.
The Revita DMR System received a CE mark in the European Union in April 2016 but has not been approved for investigational use by the Food and Drug Administration in the United States.