Cebix is moving ahead in its development of C-peptide replacement therapy for treating diabetes-related microvascular problems for which it has raised about $30.9 million for financing the studies.
Encouraging results from an early stage trial, reported earlier this month at the annual meeting of the European Association for the Study of Diabetes, have led the company to raise an additional $30.9 million and to recruit veteran local biotech executive Joel Martin as CEO.
Cebix says proceeds of the Series B financing round will be sufficient to fund its operations through a mid-stage trial scheduled to begin early next year. Cebix has been operating as a virtual biotech, operating with just eight employees and relying on contract research organizations (CROs) to carry out most of the R&D.
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