Sigrid Therapeutics, a Stockholm, Sweden-based technology company developing a new class of products to improve human health, including type 2 diabetes, raised $1.6m in equity financing.
The round was led by Joyance Partners and Pär Gellerfors, one of the founders of the biotechnology company BioArctic, listed on Nasdaq Stockholm.
The company intends to use the funds to develop a breakthrough device to lower blood sugar levels.
Led by CEO Sana Alajmovic, Sigrid Therapeutics is advancing SiPore15, an orally-administered medical device consisting of precisely engineered micron-sized silica particles with tailored porosity designed to act locally in the gut.
Upon its approval, SiPore15 reduce blood sugar levels in people at risk of developing type 2 diabetes and newly diagnosed type 2 diabetics.