ViaCyte Inc. has announced it has raised $5.4 million in private financing to pursue the clinical development of its artificial pancreas, which could treat type 1 diabetes.

The San Diego-based company said it completed a private equity financing through the sale of Series C-1 preferred stock. The first closing of the Series C-1 financing occurred in July 2013. This additional investment brings the total to $16.5 million. The company said a nonprofit corporation and several individuals participated in the offering.

ViaCyte also announced the submission of an Investigational New Drug application and a Medical Device Master File to the U.S. Food and Drug Administration seeking permission to begin clinical evaluation of the product candidate.

ViaCyte is a private regenerative medicine company focused on developing cell therapy for the treatment of diabetes.