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:10/4/2017)... 2017 OBP Medical , a ... devices, today announced regulatory approval from ... Agência Nacional de Vigilância Sanitária (ANVISA)) to market ... retractor with integrated LED light source and smoke ... exposure of a tissue pocket or cavity during ...
(Date:10/2/2017)... , Oct. 2, 2017  Eli Lilly and Company ... results for the third quarter of 2017 on Tuesday, ... call on that day with the investment community and ... The conference call will begin at 9 a.m. ... access a live webcast of the conference call through ...
(Date:10/2/2017)... 2, 2017 Halo Labs announces the European launch of ... the HORIZON at MIBio 2017 in Cambridge, U.K ... particulate matter in biopharmaceutical samples with unprecedented speed and sensitivity while ... technique Backgrounded Membrane Imaging. ... HORIZON subvisible particle analysis system ...
Breaking Medicine Technology:
(Date:10/13/2017)... ... ... The American Board of Family Medicine's (ABFM) Board of Directors has selected ... Dr. James C. Puffer upon his retirement. Dr. Newton will serve in the position ... the end of 2018. Upon assuming the role of President and CEO on January ...
(Date:10/13/2017)... ... October 13, 2017 , ... Lori R. Somekh, founder ... of ElderCounsel, a national organization of elder law and special needs planning attorneys. “Membership ... rules. It also provides a forum to network with elder law attorneys nationwide,” said ...
(Date:10/13/2017)... ... October 13, 2017 , ... Ellevate Network, the leading network ... advocate for action towards gender equality at their inaugural Summit in New York City ... and reached a social audience of over 3 million. To watch the Mobilize Women ...
(Date:10/13/2017)... ... October 13, 2017 , ... Coveros, a leader ... been awarded a contract by the Center for Medicare and Medicaid Services (CMS). ... the enterprise use of Agile methodologies in a consistent and high value manner ...
(Date:10/12/2017)... ... October 12, 2017 , ... CitiDent and San ... using cutting-edge Oventus O2Vent technology. As many as 18 million Americans are ... cessation in breathing. Oral appliances can offer significant relief to about 75 percent ...
Breaking Medicine News(10 mins):