ViaCyte Inc. announced it has raised $10.6 million in private financing to support the clinical development of its artificial pancreas, which could treat type 1 diabetes.
The San Diego-based regenerative medicine company said it completed a private equity financing transaction through the sale of Series C-1 preferred stock. The financing included the company’s largest existing investors, which include Johnson & Johnson Development Corp., Sanderling Ventures and Asset Management Co. (Johnson Trust).
ViaCyte said that this funding serves as a match for the $10.1 million award it received from the California Institute for Regenerative Medicine last October. The funding was aimed toward developing implantable stem cells that can differentiate into insulin and other hormone-producing pancreatic cells that regulate blood sugar in a way that’s similar to a normal pancreas.
Much of the privately held company’s funding has come from the California Institute for Regenerative Medicine, having received about $36 million in grants and loans since 2010.
— Meghana Keshavan