ViaCyte said it closed a $10.6 million funding round for its artificial pancreas technology with the help of some high-profile contributors, including Johnson & Johnson (NYSE:JNJ), Sanderling Ventures and the Johnson Trust.
San Diego, Calif.-based ViaCyte said it plans to use the proceeds from the equity round to develop its cell therapy-based treatment for patients with Type II and insulin-dependent Type I diabetes.
ViaCyte has plans to apply for an investigational new drug exemption for the technology, called VC-01, by the end of the year, according to Xconomy.
ViaCyte opened the round to match a $10.1 million award from the California Institute for Regenerative Medicine for its artificial pancreas technology.
"We are very gratified by the continued support of our investors and CIRM as we prepare to evaluate the safety and efficacy of VC-01," said CEO Paul Laikind in prepared remarks. " This promising product candidate has the potential to vastly improve the lives of millions of patients who currently require insulin injections to survive.
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