Metabolex Closes $8.6 Million Financing RoundFunds to Continue Advancement of Four Clinical Stage Candidates
HAYWARD, Calif., Nov. 5 /PRNewswire/ -- Metabolex, Inc., a biopharmaceutical company focused on the discovery and development of proprietary new medicines for the treatment of metabolic diseases, today announced it had closed an additional $8.6 million in financing. Participating investors in this insider financing include: Alta Partners, Venrock, Versant Ventures, Bay City Capital, VantagePoint Venture Partners, Novo Ventures, Pictet, Next Chapter Holdings, Charter Ventures, Merlin Biomed, and Birchmere Ventures.
The company plans to use the funds to continue to advance development of its four clinical-stage candidates, including a Phase 2 study for MBX-2982. MBX-2982 is a potential first-in-class treatment for type 2 diabetes that targets G protein-coupled receptor 119 (GPR119), a receptor that interacts with bioactive lipids known to stimulate glucose-dependent insulin secretion. The company has completed three Phase 1 trials and has generated promising data for this potential first-in-class therapy"We are pleased by the continued consistent support Metabolex has received from our investors," said President and CEO, Harold Van Wart, Ph.D. "These funds will enable us to continue to advance our product portfolio including the development of MBX-2982, a potential new therapy for treating type 2 diabetes."
Diabetes is a worldwide health problem and a rapidly growing source of illness, death and health care costs. According to the International Diabetes Federation, approximately 246 million adults, or 6 percent of the world's adult population, had diabetes in 2007. The American Diabetes Association (ADA) estimates that there were approximately 23.5 million adults in the United States with diabetes in 2007, making up 10.7 percent of the adult population. According to estimates from the ADA, one in ten health care dollars is attributed to diabetes. Type 2 diabetes accounts for 90 to 95 percent of diabetic cases.
Metabolex is a privately-held biopharmaceutical company focused on the discovery and development of proprietary new medicines for the treatment of metabolic diseases, with an emphasis on type 2 diabetes. The company has four clinical-stage compounds: MBX-102/JNJ 39659100, which has completed three Phase 2 trials; MBX-2044, which has completed a Phase 2a trial; MBX-8025, which recently completed a Phase 2 trial in patients with dyslipidemia; and MBX-2982, which recently completed its third Phase 1 trial. Ortho-McNeil, Inc. has the exclusive right to develop and commercialize MBX-102/JNJ 39659100.