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Elcelyx Therapeutics scores $20m from returning VC backers

15 Feb 2013

diabetes_lrgElcelyx Therapeutics’ existing investors have supported the weight management specialist’s $20m Series C fundraising, which brought the total funds raised since its inception in 2010 to $43m.

Existing investors including Morgenthaler Ventures, Kleiner Perkins Caufield & Byers, and Technology Partners were joined by GSM Fund, which led the round.

GSM is managed by Rick Barry – who has now joined the Elcelyx board.

Hesaid, “Elcelyx is that rare winning trifecta in healthcare: Low-risk products that address large populations, experienced leadership and blue-chip investors.

“It is a pleasure to support and advise an organization that can make a profound impact on the lives of people struggling to manage their diabetes and weight.”

San Diego-based Elcelyx has advanced its two first-in-class gut sensory modulators (GSM) for the treatment of diabetes and weight loss into late-stage clinical development.

Its drug candidate NewMet met the primary endpoint of lowered glucose in a recently completed Phase 2a clinical study and demonstrated improved tolerability compared to generic metformin.

Its other candidate Lovidia increases the body’s production of natural satiety and gluco-regulatory gut hormones twofold. With the same number of calories, subjects in clinical trials had twice the satiety signal.

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