Navigation Links
Elcelyx Therapeutics Completes $20 Million Series C Financing to Advance NewMet and Lovidia
Date:2/14/2013

SAN DIEGO, Feb. 14, 2013 /PRNewswire/ -- Elcelyx Therapeutics announced today the closing of a $20 million Series C financing to fund development of product candidates NewMet™ for Type 2 diabetes and Lovidia™, an over-the-counter weight loss product. The financing was led by GSM Fund LLC, a fund dedicated to this single investment and managed by Rick Barry , who has been elected to the Elcelyx Board of Directors. All previous investors also participated in the round, including Morgenthaler Ventures, Kleiner Perkins Caufield & Byers, and Technology Partners.

Elcelyx has raised a total of $43 million since it was founded in 2010 and advanced its two first-in-class Gut Sensory Modulators (GSM) for the treatment of diabetes and weight loss into late-stage clinical development.

Pharmaceutical product candidate NewMet is a delayed-release formulation of generic metformin, the #1 diabetes product in the world. By targeting this GSM to the lower gut and avoiding systemic absorption, NewMet is designed to have low bioavailability with preserved efficacy. In a recently completed Phase 2a clinical study in patients with Type 2 diabetes, NewMet met the primary endpoint of lowered glucose and demonstrated improved tolerability compared to generic metformin.

Lovidia, a proprietary mix of Generally Recognized As Safe (GRAS)-designated dietary ingredients, is targeted to the consumer market. Lovidia can be used for multiple applications including as an over-the-counter product for weight loss and metabolic health, and as a food additive for satiety and lower glycemic index. An early version of Lovidia demonstrated statistically significant progressive and sustained weight loss without diet or exercise modification. 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.

"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," said Elcelyx Director Rick Barry .

Mr. Barry joins current Elcelyx directors Ralph "Chris" Christoffersen, Ph.D. (chairman), Brook Byers , Jim Glasheen , Ph.D., Ginger L. Graham and Alain Baron , M.D. Barry 's career in the financial industry included posts at Merrill Lynch, Robertson Stephens Investment Management and other leading financial services companies. In 1999 he founded Eastbourne Capital Management, LLC and served as its managing member and portfolio manager until it was closed and he retired in 2010.

"Elcelyx is accumulating impressive clinical data for NewMet and Lovidia demonstrating the product candidates' ability to meaningfully improve glucose regulation and reduce weight with minimal side effects, respectively," said Alain Baron , M.D., President and Chief Executive Officer of Elcelyx Therapeutics. "The Series C financing will enable us to build the value of both products and reach important data read-outs that will be attractive to potential partners."

About Elcelyx Therapeutics
Elcelyx Therapeutics is developing safe products for weight management and obesity-related metabolic disorders based on the science of nutrient sensing. The Elcelyx first-in-class product candidates, Lovidia™ and NewMet™, are Gut Sensory Modulators backed by rigorous science and clinical data demonstrating their ability to rapidly reduce weight and improve glucose metabolism without systemic side effects, respectively. The products represent reduced-risk, near-term blockbuster opportunities in weight management and Type 2 diabetes with longer-term opportunities in obesity and prediabetes. Elcelyx is based in San Diego, CA. For more information, visit www.Elcelyx.com.


'/>"/>
SOURCE Elcelyx Therapeutics
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Elcelyx Therapeutics Names Mark Wiggins Senior Vice President of Business Development, Ginger Graham to Board of Directors
2. Cell Therapeutics, Inc. (CTI) to Report First Quarter Financial Results on April 20
3. Faruqi & Faruqi, LLP Encourages Investors Who Suffered Substantial Losses Investing in Chelsea Therapeutics International, Ltd. to Contact the Firm
4. Argos Therapeutics Secures $25 million Series D Financing to Commence Phase 3 ADAPT Study in Patients with Metastatic Renal Cell Carcinoma (mRCC) in Mid-2012
5. Novelos Therapeutics Announces Successful Completion of First Cohort In Lung Cancer Trial With I-124-CLR1404 (LIGHT) Cancer-Targeted PET Imaging Agent at UW Carbone Cancer Center
6. Zacks Industry Outlook Highlights: Eli Lilly, Forest Labs, ViroPharma, Novartis and United Therapeutics
7. Oxford BioTherapeutics Appoints Senior Industry Leader to Head its New Clinical Development Operations in Basel, Switzerland
8. Nektar Therapeutics Reports Financial Results for the First Quarter of 2012
9. Cara Therapeutics Licenses Novel Kappa Opioid Agonist, CR845, to Chong Kun Dang Pharmaceutical Corporation For South Korean Market
10. Frost & Sullivan: High Uptake of New Drug Therapies and Aging Population Expansion Keep the U.S. Retinal Therapeutics Market Buoyant
11. Zenobia Therapeutics, Inc. And BioBlocks, Inc. Announce Sale Of A Joint Fragment Library Ideal For Screening By All Popular Methods
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/24/2016)... Zealand , May 24, 2016 ... informatics solutions for the healthcare sector, has been named the ... Zealand Hi-Tech Awards 2016. Dr Bruce Davey ... acknowledgement for our team.  It,s really good to be recognised ... healthcare internationally. Our products are used in 35 countries around ...
(Date:5/24/2016)... , May 24, 2016 Celsion ... drug development company, today provided an update on ... escalating clinical trial combining GEN-1, the Company,s DNA-based ... treatment of newly-diagnosed patients with advanced ovarian cancer ... debulking surgery.  GEN-1 is an IL-12 DNA plasmid ...
(Date:5/24/2016)... 2016 The innovator of ... , s first dual therapy stent, introduces catheters ... OrbusNeich, a global company specializing in the provision ... include products to treat peripheral artery disease. The JADE™ ... devices for lower limb and arteriovenous (AV) fistula intervention. ...
Breaking Medicine Technology:
(Date:5/25/2016)... ... May 25, 2016 , ... The Georgia State University College of Law new ... Urban Design Commission. , The annual award recognizes projects, programs, individuals and organizations that ... preservation of its physical heritage and the balance between the old and the new. ...
(Date:5/25/2016)... ... 2016 , ... A new update to Xsens popular data analysis ... a common Wi-Fi network and a mobile device. When paired with Xsens MVN or ... and use a mobile device to control the recording. , “The update adds ...
(Date:5/25/2016)... (PRWEB) , ... May 25, 2016 , ... One Florida-based ... potential patients, according to an article published May 13th on Vanity Fair. ... comfortable with having snippets of their procedures broadcast to more than 800,000 Snapchat fans. ...
(Date:5/25/2016)... ... May 25, 2016 , ... The Bank of America Charitable Foundation has awarded ... provide veterans a pathway to employment and successful careers in healthcare. On Wednesday, May ... Hallack, President and CEO of Medisend, parent organization and home of the General Myers ...
(Date:5/25/2016)... ... May 25, 2016 , ... New studies ... of injured workers across 15 states. The outcomes examined in these studies include ... medical care, and satisfaction with medical care. , “The goal of the studies ...
Breaking Medicine News(10 mins):