ViaCyte, a US-based diabetes treatment developer backed by corporates WL Gore, Johnson & Johnson and Hospira, has secured $45m to bring its series D round to more than $115m.
Bain Capital Life Sciences, TPG Capital, RA Capital Management, Sanderling Ventures, Adage Capital Partners, Invus Group, Asymmetry Ventures and Artis Ventures supplied the latest funding.
The company had disclosed $27m of series D funding from Bain Capital Life Sciences, TPG Capital, RA Capital Management, Sanderling Ventures and unnamed private investors last month. However, ViaCyte had already raised $80m from the same investors across two tranches revealed in 2018.
Even if the latest $45m in funding had included the $27m revealed last month, it would still have brought the round’s total to $125m. We have reached out to ViaCyte for clarification and will update as appropriate.
ViaCyte is working on stem cell-based therapies for type 1 diabetes and will use the funding to further develop its lead assets.
The company has now raised at least $182m of equity funding and an another $28m in convertible note financing. Advanced materials manufacturer WL Gore provided a $10m convertible note in 2018 after backing a $10m round together with JDRF and Asset Management Partners in 2017.
Johnson & Johnson Development Corporation (JJDC), the investment arm of pharmaceutical group Johnson & Johnson, participated in a $16.5m series C1 round for ViaCyte in 2014 with Sanderling Ventures and Asset Management Company (Johnson Trust).
ViaCyte’s earlier backers include Hospira, a subsidiary of pharmaceutical firm Pfizer, as well as BD Ventures, Portage Venture Partners and Clayton Foundation.
