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Interwest, Sofinnova lead $30.9m financing for diabetes treater Cebix

18 Oct 2012

InterWest Partners and Sofinnova Ventures have both returned to diabetes treatment company Cebix to help close a $30.9m financing round.

Existing investor Thomas, McNerney & Partners also took part in the Series B fundraise, which will see Dr Joel Martin take up the post of CEO.

Martin was a partner at Forward Ventures between 2001 and 2008, where he led investments in neuroscience and oncology companies including Hypnion, Predix and Cellective Therapeutics.

He was most recently president and CEO of asthma treatment company Altair Therapeutics.

Sofinnova executive partner and Cebix board chairman David Kabakoff said, “Joel Martin is an outstanding addition to the Cebix team.

“Through his background as a successful serial entrepreneur, venture investor and respected scientist, Joel brings an experienced, multidisciplinary approach to his role as CEO.

“We look forward to working with him as Cebix enters the next important phase in its clinical development.”

Menlo Park-based Interwest recently led a $16.5m Series C round for Obalon Therapeutics, which is developing gastric balloon technology for weight loss.

Previous investors Domain Associates and Okapi Venture Capital also participated in the round.

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