Cebix, Inc., a La Jolla, California-based biopharmaceutical company developing treatments for complications of diabetes, has raised $30.9m in Series B financing.
Backers include existing investors InterWest, Sofinnova Ventures and Thomas, McNerney & Partners.
Led by newly appointed Dr. Joel Martin as president and CEO, Cebix also announced results of a Phase 1/2 trial of its lead investigational drug, ERSATTA™ in peripheral neuropathy. ERSATTA is a once-weekly C-peptide therapy to target loss of nerve function and other vascular complications in type 1 diabetes patients.
The company plans to use the funds for its Phase 2b trial in early Q1 2013, which is designed to demonstrate improvement in nerve conduction velocity in a multi-dose, 240 patient trial over one year of self-administered weekly therapy and to evaluate several other measures of neuropathy, including vibration sensation, neurological status, erectile dysfunction and quality of life, as well as symptoms and markers of nephropathy.
FinSMEs
18/10/2012