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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
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SOURCE Elcelyx Therapeutics
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