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ViaCyte, Inc. raises $10.6 Million in a Private Financing to Support Clinical Development of its Cell Therapy Product for Insulin Dependent Diabetes
Date:7/10/2013

SAN DIEGO, July 10, 2013 /PRNewswire/ -- ViaCyte, Inc., a leading regenerative medicine company focused on developing new approaches to treat major diseases through the application of a stem cell-derived cell therapy, announced today that it completed a private equity financing transaction, providing the Company $10.6 million through the sale of Series C-1 Preferred Stock, together with warrants to purchase stock.  The financing, conducted as a rights offering to ViaCyte Series B and C Preferred Stock holders, included the Company's largest existing investors - Johnson & Johnson Development Corporation, Sanderling Ventures and Asset Management Company (Johnson Trust).

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This funding serves as a match for a $10.1 million Strategic Partnership Award (SPA) that was approved last October by the California Institute for Regenerative Medicine (CIRM) to support clinical evaluation of VC-01, ViaCyte's promising encapsulated cell-therapy product being developed as a transformative therapy for patients with type 1 and insulin-dependent type 2 diabetes.  In addition, ViaCyte may sell additional shares of Series C-1 Preferred Stock and warrants in one or more subsequent closings that may occur during the remainder of 2013.

The Company will use the funds to pursue clinical development of VC-01. VC-01 is a development-stage product that consists of pancreatic precursor cells (designated PEC-01) manufactured through directed differentiation of stem cells sourced from a proprietary human embryonic stem cell line, and encapsulated in a proprietary, immune protective medical device (the ENCAPTRA® device).  When implanted under the skin, the encapsulated cells are designed to further differentiate into insulin and other hormone-producing pancreatic cells th
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