DiogenX raises €27.5 million for a “breakthrough” diabetes treatment.
DiogenX, a biotechnology company focused on regenerating insulin-producing beta cells for the treatment of diabetes, has announced the successful completion of its €27.5 million ($30 million) Series A financing round.
New Roche Venture Fund investors Eli Lilly and Company and Omnes joined the round alongside existing investors Boehringer Ingelheim Venture Fund (BIVF), JDRF T1D Fund and partner Adbio. Results will be used to advance the main drug candidate towards clinical development in patients with type 1 diabetes (T1D). DiogenX previously raised $4.8 million in June 2020.
The main DiogenX program aims to regenerate pancreatic insulin-producing beta cells using recombinant proteins, which modulate the Wnt/β-catenin signaling pathway. If successful, the company says it has the potential to become a class one disease-modifying therapy for diabetes.
To date, the company has demonstrated efficacy in preventing and reversing diabetes using an in vivo type 1 diabetes model, and achieved proof of principle with significant increases in functional insulin-producing human beta cells in preclinical trials. Long-term exposure was well tolerated in preclinical studies, supporting the ability to safely intervene in the Wnt/β-catenin pathway with the DiogenX approach. Collectively, the data demonstrate the potential for broad clinical use both as monotherapy and in combination with insulin and/or other therapies targeting pancreatic ß cells.
DiogenX is working on a “Breakthrough Therapy”
“We are working to develop a breakthrough therapy to utilize a patient’s remaining endogenous beta cells to enhance insulin production and modify the course of diabetes, potentially eliminating the need for exogenous insulin in some patients,” said Benjamin Charles, CEO of DiogenX.
“The successful closing of this financing and the strong consortium of biopharma and diabetes leaders provide DiogenX with the funding and expertise needed to advance our core program towards Phase 1 in patients with type 1 diabetes.”
“The lead candidate DiogenX has demonstrated an unprecedented effect on beta cell regeneration in preclinical work. This is a potential breakthrough regenerative therapy aimed at restoring pancreatic function. We welcome new investors and look forward to working together in this important next phase for DiogenX,” said Johannes Zanzinger, investment director at BIVF.
