DioBex gains $24M in second venture round

Just days after announcing positive Phase IIa data on an experimental therapy for type II diabetes, San Francisco-based DiObex announced that it had raised $24 million in its second round of venture capital. Switzerland's Inventages Venture Capital led the round, which will fund Phase II trials of its two lead drug candidates for diabetes.

"We have been very impressed with the exceptional quality of the programs, the team as well as the investors at DiObex," said Gunnar Weikert, M.D., Ph.D., chairman of Inventages Venture Capital. "I have full confidence that the company's innovative products will become important treatments for both type 1 and type 2 diabetes."

- check out the release on DiObex's latest round