Viacyte, a US-based diabetes therapy developer backed by advanced materials manufacturer WL Gore & Associates, obtained $80m in a series D round yesterday led by an affiliate of investment firm Bain Capital.
Bain Capital Life Sciences was joined by private equity firm TPG, investment firm RA Capital Management, VC firm Sanderling Ventures and assorted private investors. The round will be raised in two tranches, though further details were not disclosed.
Founded in 1999, Viacyte develops cell replacement therapies to potentially cure type 1 diabetes and treat type 2 diabetes.
The company currently has two drug candidates in the clinical stage, PEC-Direct and PEC-Encap, and it will use the funding to drive the further development of these.
The money will also support a collaboration with drug developer Crispr Therapeutics to develop stem cell therapies for diabetes.
The series D round takes Viacyte’s total equity financing to approximately $147m. The company has also raised approximately $28m in convertible note financing, according to press releases and regulatory filings.
In September 2018, WL Gore provided $10m of convertible note financing for the company and is now collaborating with Viacyte to make product improvements.
Viacyte previously raised $10m from investors including WL Gore, Asset Management Partners and diabetes charity JDRF in May 2017.
Healthcare products group Johnson & Johnson’s investment subsidiary Johnson & Johnson Development Corporation (JJDC) participated in a $16.5m funding round in 2014, investing alongside Sanderling Ventures and Asset Management Company.
Johnson & Johnson subsidiaries Janssen Research & Development and JJDC also supplied $15m of convertible note financing later the same year.
Viacyte’s other shareholders include Hospira, a subsidiary of pharmaceutical firm Pfizer, as well as BD Ventures, Portage Venture Partners and Clayton Foundation.