BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Elcelyx Therapeutics Raises $4 Million


8/13/2012 7:45:21 AM

SAN DIEGO, Aug. 13, 2012 /PRNewswire/ -- Elcelyx Therapeutics announced today that it has secured $4 million of a $7 million extension of its Series B private equity financing. Existing investors Morgenthaler Ventures, Kleiner Perkins Caufield & Byers and Technology Partners all participated in the extension. Founded in 2010, Elcelyx has raised a total of $20 million, including the $4 million, and advanced two product candidates for weight loss and the treatment of diabetes and obesity into late-stage clinical development. The new financing will support clinical trials for proprietary product candidates Lovidia for use in nutritional supplement, food and beverage applications, and NewMet for patients with Type 2 diabetes.

The Elcelyx team of seasoned drug developers believes that these two products have the potential to address the extreme need for safe approaches to treat diabetes and obesity and to help people lose weight. Elcelyx' first-in-class Gut Sensory Modulators (GSM) are delivered directly to the gut where they intensify the body's natural food-driven signals that trigger a sense of fullness and facilitate glucose regulation. This targeted approach greatly decreases the presence of the active ingredient in the bloodstream, which dramatically reduces side effects often seen with conventional therapeutics. Lovidia and NewMet are backed by rigorous science and clinical data demonstrating the candidates' ability to meaningfully reduce weight and improve glucose regulation without side effects, respectively.

"Elcelyx has zeroed in on the gut to exploit a key mechanism of satiety and glucose metabolism, and has quickly and efficiently advanced its programs to show promise as a supplement for weight loss and a treatment for diabetes," said Ralph "Chris" Christoffersen, Ph.D., Partner at Morgenthaler Ventures and Chairman of Elcelyx. "The company's dual-track strategy of developing dietary ingredients for weight loss and its cleverly formulated metformin for diabetes provide large-market, near-term opportunities that our investor syndicate couldn't miss," Dr. Christoffersen continued.

"The global epidemics of diabetes and obesity compel us to identify novel approaches to these diseases. Our premier investors will help us execute our strategy to develop ultra-safe solutions to obesity-related metabolic disorders for both the consumer and pharmaceutical markets," said Alain Baron, M.D., President and Chief Executive Officer of Elcelyx Therapeutics.

The company's nearest-term opportunity is Lovidia, a proprietary mix of Generally Recognized As Safe (GRAS)-designated dietary ingredients, targeted to the consumer market. Lovidia can be used for multiple applications including as a dietary supplement for weight loss and prediabetes, and as a food additive for satiety and lower glycemic index.

An early version of Lovidia demonstrated statistically significant progressive and sustained weight loss, with a threefold higher proportion of subjects losing 3 to 5 percent of their body weight compared to placebo in a 16-week study evaluating 121 obese subjects who did not alter their diet or exercise. Lovidia increased the body's production of natural satiety and gluco-regulatory gut hormones twofold; with the same number of calories, subjects had twice the satiety signal. The tolerability and safety profile of Lovidia was similar to placebo. Elcelyx is currently optimizing Lovidia and it is expected to be ready for commercialization in 2013.

Pharmaceutical product candidate NewMet is a delayed-release formulation of generic metformin, the #1 diabetes product in the U.S. By targeting this GSM to the lower gut and avoiding systemic absorption, Elcelyx expects NewMet to have low bioavailability with preserved efficacy. This makes NewMet appropriate for the large population of renally impaired patients with Type 2 diabetes that are excluded from taking metformin due to the risk of lactic acidosis, a life-threatening result of metformin build-up in the blood. NewMet is currently being evaluated in a dose-finding study in patients with Type 2 diabetes and in a pharmacokinetic study in Type 2 diabetes patients with renal impairment. Future development is planned in the broader Type 2 population and in obesity.

About Elcelyx Therapeutics
Elcelyx Therapeutics is developing ultra-safe products for weight management and obesity-related metabolic disorders based on the science of nutrient sensing. The Elcelyx first-in-class product candidates, Lovidia and NewMet, are Gut Sensory Modulators backed by rigorous science and clinical data demonstrating their ability to rapidly reduce weight and improve glucose metabolism without systemic side effects, respectively. The products represent reduced-risk, near-term blockbuster opportunities in weight management and Type 2 diabetes with longer-term opportunities in obesity and prediabetes. Elcelyx is based in San Diego, CA. For more information, visit www.Elcelyx.com.

SOURCE Elcelyx Therapeutics



Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES