ViaCyte, a US-based diabetes treatment developer backed by advanced materials manufacturer WL Gore and healthcare product supplier Johnson & Johnson, has added $27m to a series D round that now totals $107m.
The new funding came from Bain Capital Life Sciences, a subsidiary of private equity firm Bain Capital, as well as TPG Capital, RA Capital Management, Sanderling Ventures and unnamed private investors. The other $80m came from the same backers across two tranches and was disclosed in late 2018.
ViaCyte is developing stem cell-driven treatments for type 1 diabetes, which is caused by the immune system blocking insulin production.
The company’s lead product, PEC-Direct, will utilise a device that delivers insulin-modulating cells into type 1 patients suffering from complications such as severe glycemic lability, hypoglycemic unawareness and hypoglycemic episodes. WL Gore is among its development partners.
The company has raised $174m of equity funding and $28m in convertible note financing to date. WL Gore provided a $10m convertible note in September 2018, after taking part in a $10m round alongside diabetes charity JDRF and Asset Management Partners in 2017.
ViaCyte had closed a $16.5m series C1 round in August 2014 featuring Johnson & Johnson Development Corporation (JJDC), a subsidiary of Johnson & Johnson, in addition to Sanderling Ventures and Asset Management Company (Johnson Trust).
Other investors in ViaCyte include Hospira, a subsidiary of pharmaceutical firm Pfizer, as well as BD Ventures, Portage Venture Partners and Clayton Foundation.