Zucara Therapeutics Finalizes $25 Million Series B Financing to Advance Diabetes Therapy
Zucara Therapeutics Inc., an innovative diabetes life sciences company based in Toronto, has successfully concluded its second and final closing of a $25 million Series B financing round. This significant funding is designed to propel the development of Zucara's groundbreaking diabetes treatment, ZT-01, which aims to prevent hypoglycemia in individuals with diabetes. The financing was bolstered by a combined $5 million investment from the T1D Fund, a prominent venture focused on funding impactful diabetes treatments, alongside a prior investment of $20 million from strategic investor Sanofi and existing investor Perceptive Xontogeny Venture Fund (PXV Fund I).
Michael Midmer, the CEO of Zucara, expressed excitement regarding the completion of this financing round, emphasizing its crucial role in facilitating not only the ongoing Phase 2a clinical trial of ZT-01 but also the nonclinical initiatives geared towards developing a once-weekly version of the therapeutic. 'We are thrilled to close our Series B financing,' Midmer stated, highlighting the importance of the T1D Fund's involvement. As one of the most significant disease-focused impact investment funds globally, the T1D Fund is dedicated to discovering and funding therapies that can profoundly affect the lives of those with Type 1 diabetes.
Sylvia Tobé, Managing Director of the T1D Fund, reinforced the significance of their investment in Zucara, noting their organization’s commitment to supporting the development and clinical progression of ZT-01. 'Having followed Zucara for some time, we are excited to support the advancement of this promising candidate that can address a prevalent and potentially severe complication of Type 1 diabetes,' she stated.
As part of this financing agreement, Dr. Sylvia Tobé will serve as a Board Observer for Zucara, adding her expertise to the company as it navigates through its development stages. Dr. Tobé has a rich background in the biotech industry, having focused on early-stage investments and company formation across various therapeutic areas during her tenure at Omega Funds, among other experiences.
The capital raised is expected to significantly support the remainder of Zucara’s Phase 2a trial, which investigates ZT-01's effectiveness in mitigating nocturnal hypoglycemia events in Type 1 diabetes, as well as advancing the development of a weekly dosing formulation of the therapy.
ZT-01 is touted as a first-in-class therapeutic designed to counteract the body's struggles with hypoglycemia by enhancing glucagon secretion—a hormone that plays a vital role in elevating blood sugar levels. In those with Type 1 diabetes, the natural response to low glucose often falters due to excessive secretion of somatostatin, which inhibits glucagon release. Zucara aims to restore this mechanism, facilitating a safer management approach for patients who regularly face the threat of hypoglycemic episodes.
Zucara Therapeutics has positioned itself at the forefront of diabetes innovation, with ZT-01 representing a potential game-changer in the treatment landscape for individuals living with Type 1 diabetes and insulin-dependent Type 2 diabetes. By effectively disrupting the cycle of hypoglycemia, Zucara hopes to improve the quality of life and health outcomes for countless diabetic patients. For more information on Zucara Therapeutics and their pioneering work, visit www.zucara.ca.
Michael Midmer, the CEO of Zucara, expressed excitement regarding the completion of this financing round, emphasizing its crucial role in facilitating not only the ongoing Phase 2a clinical trial of ZT-01 but also the nonclinical initiatives geared towards developing a once-weekly version of the therapeutic. 'We are thrilled to close our Series B financing,' Midmer stated, highlighting the importance of the T1D Fund's involvement. As one of the most significant disease-focused impact investment funds globally, the T1D Fund is dedicated to discovering and funding therapies that can profoundly affect the lives of those with Type 1 diabetes.
Sylvia Tobé, Managing Director of the T1D Fund, reinforced the significance of their investment in Zucara, noting their organization’s commitment to supporting the development and clinical progression of ZT-01. 'Having followed Zucara for some time, we are excited to support the advancement of this promising candidate that can address a prevalent and potentially severe complication of Type 1 diabetes,' she stated.
As part of this financing agreement, Dr. Sylvia Tobé will serve as a Board Observer for Zucara, adding her expertise to the company as it navigates through its development stages. Dr. Tobé has a rich background in the biotech industry, having focused on early-stage investments and company formation across various therapeutic areas during her tenure at Omega Funds, among other experiences.
The capital raised is expected to significantly support the remainder of Zucara’s Phase 2a trial, which investigates ZT-01's effectiveness in mitigating nocturnal hypoglycemia events in Type 1 diabetes, as well as advancing the development of a weekly dosing formulation of the therapy.
ZT-01 is touted as a first-in-class therapeutic designed to counteract the body's struggles with hypoglycemia by enhancing glucagon secretion—a hormone that plays a vital role in elevating blood sugar levels. In those with Type 1 diabetes, the natural response to low glucose often falters due to excessive secretion of somatostatin, which inhibits glucagon release. Zucara aims to restore this mechanism, facilitating a safer management approach for patients who regularly face the threat of hypoglycemic episodes.
Zucara Therapeutics has positioned itself at the forefront of diabetes innovation, with ZT-01 representing a potential game-changer in the treatment landscape for individuals living with Type 1 diabetes and insulin-dependent Type 2 diabetes. By effectively disrupting the cycle of hypoglycemia, Zucara hopes to improve the quality of life and health outcomes for countless diabetic patients. For more information on Zucara Therapeutics and their pioneering work, visit www.zucara.ca.
Topics Health）
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