San Diego-based ViaCyte Inc., a privately held regenerative medicine company developing a diabetes treatment, announced Friday that it has completed a private equity financing transaction, providing the company with $5.4 million through the sale of Series C-1 Preferred Stock, together with warrants to purchase common stock.
The first closing of the Series C-1 financing occurred in July 2013. This additional investment brings the total invested in the Series C-1 financing to $16.5 million. A nonprofit corporation and several individuals participated in the offering.
ViaCyte will use the funds to pursue clinical development of its VC-01 product candidate. The company also recently 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 developing a stem cell-derived islet replacement therapy for the treatment of diabetes.