ViaCyte, the US-based developer of cell therapy technology to treat diabetes, raised $5.4m on Friday through a sale of series C-1 preferred stock to undisclosed investors.
The company, which counts pharmaceutical company Johnson & Johnson among its past investors, did however reveal that a not-for-profit corporation and several individuals participated in the offering.
ViaCyte is working on a stem cell-derived islet cell replacement therapy to treat diabetes. The new funds will be used to fund clinical development of its VC-01 product candidate, which is being trialled as a potential long-term diabetes treatment.
Paul Laikind, CEO of ViaCyte, said: ‘We are pleased to complete this financing to further advance the VC-01 product candidate to human clinical trials and provide a potential new alternative to patients with type 1 diabetes.”
ViaCyte raised $10.6m through a sale of series C-1 preferred stock in July 2013 from Johnson & Johnson Development Corporation (JJDC), the corporate venturing subsidiary of healthcare company Johnson & Johnson, and venture capital firms Sanderling Ventures and Asset Management Company.
ViaCyte changed its name from Novocell in 2010 after raising more than $80m in funding from backers including JJDC, Sanderling, Asset Management, Pacific Horizon Ventures, DFJ Portage Ventures, Vertical Group, Headland Ventures and BD Ventures.