Marseille, France, May 10, 2023 – DiogenX, a regenerative medicine biotech company focused on regenerating insulin-producing beta cells for the treatment of diabetes, today announced the successful completion of a €27.5 million ($30M) Series A financing round led by Boehringer Ingelheim Venture Fund (BIVF). In this round, BIVF was joined by new investors Roche Venture Fund, Eli Lilly and Omnes, and historic investors JDRF T1D Fund and AdBio partners. Proceeds will be used to advance the lead drug candidate into clinical development in patients with Type 1 Diabetes (T1D). DiogenX previously raised €4.5M ($4.8M) in June 2020.
DiogenX’ lead program is a potential first-in-class, disease-modifying recombinant protein designed to modulate the Wnt/β-catenin signalling pathway to regenerate pancreatic insulin-producing beta cells. To date, the company has achieved in vivo proof of concept demonstrating efficacy in prevention and reversion settings and an unprecedented effect on human beta cell mass generation, leading to increased functional insulin-producing beta cells. In addition, long term exposure to the drug was well tolerated in all preclinical models and showed the unique ability to safely modulate the Wnt/β-catenin pathway. This collective data suggests the potential for broad clinical utility, in monotherapy and in combination with insulins and therapies that replace or protect beta cells.
“We are working to develop a breakthrough therapy to harness the patient’s own remaining endogenous beta cells to increase insulin production and modify the course of type 1 diabetes, potentially eliminating the need for exogenous insulin in some patients,” said Benjamin Charles, CEO of DiogenX. “The successful closing of this financing and the strong consortium of biopharma and diabetes leaders will support DiogenX with the expertise required to advance the development of our lead program towards patients.”
“Diogenx lead candidate has shown an unprecedented effect in beta cell regeneration in preclinical work. It is a potential breakthrough regenerative therapy aimed at restoring pancreatic function,” said Johannes Zanzinger, investment director at BIVF.
“The JDRD T1D Fund is thrilled to continue its support of the DiogenX program in this important step towards the clinic,” said Katie Ellias, managing director at JDRF T1D Fund. “Restoring a patient’s own pancreatic function without the need for surgery would have a game-changing disease-modifying impact for the T1D community, who currently rely on insulin therapy.”As part of the financing, David Evans, investment director at Roche Venture Fund, joins DiogenX’ board of directors.
Anthony Paronneau, McDermott, Will & Emery, advised the company.