Seraxis, a Germantown, Md.-based biotech company developing a cell replacement therapy for insulin-dependent diabetes, closed a $40M Series C financing round.
The round was led by Eli Lilly and Company, with participation from Frazier Healthcare Partners, Polaris Ventures, JDRF T1D Fund, and other investors.
The company intends to use the funds to complete the preclinical testing of SR-01, its lead cell therapy treatment for insulin-dependent diabetes and initiate first-in-human clinical trials.
Led by William Rust, PhD, founder and Chief Executive Officer, Seraxis has developed a proprietary human stem cell line, SR1423, and manufacturing process for the generation of lab-grown pancreatic islets that mimic native islets in purity and potency and SeraGraft, an implant device and method that enables survival and function of the cell replacement therapy in the absence of immune suppression. Together, this novel treatment modality has the potential to help millions of people with diabetes.