SCT raised an additional $1.9M from angel investors. This is the third seed-stage round of funding for SCT. To date, the company has raised over $7.5M towards the development of its novel technologies for the treatment of insulin-dependent diabetes mellitus. The capital raised from this round will be used towards upcoming clinical trials in dog patients.
SCT submitted an application to the FDA for an Investigational New Animal Drug (INAD), the formal process for requesting FDA approval to begin clinical studies in companion animals. Allen Gardner, a member of the SCT board, remarked, "Over 150 thousand dogs are living with type-1 diabetes in America, and it is estimated that an additional 400 thousand are undiagnosed. These dogs are cared for by loving family members who diligently perform daily glucose monitoring and insulin injections to keep their pet alive. As soon as the FDA approves this trial, we will begin working with a few select families to treat their pets with SCTs breakthrough therapy. All of our data show that this treatment will provide their pet with a permanent cure of diabetes and free them from the burden of daily insulin therapy. We are committed to working with the FDA to begin this trial soon and assure that it is performed to the highest scientific standards."
The World Health Organization (WHO) released its global report on diabetes and called for action to prevent and treat the disease. Diabetes has been identified as one of four priority noncommunicable diseases targeted for action by world leaders. The WHO research found that 422 million people were suffering from diabetes as of 2014 and a total of 3.7 million deaths in 2012 were a result of diabetes or high blood glucose. The WHO concluded that diabetes is a major cause of blindness, kidney failure, heart attacks, stroke and lower limb amputation making it one of the leading causes of death in the world. For the full report click here.
Inventors Christof Westenfelder, Anna Gooch, Ping Zhang, and Zhuma Hu filed a new patent for "Neo-Islets Comprising Stem and Islet Cells and Treatment of Diabetes Mellitus Therewith". Dr. Westenfelder said, "Our cell cluster technology overcomes all major hurdles and limitations that exist in the field of cell-based therapies for Type-1 Diabetes Mellitus."
SymbioCellTech (SCT) raised $2.5M from H2M Capital Partners and angel investors. This is the second seed-stage round of funding for SCT. To date, the company has raised over $5.6M towards the development of its novel technologies for the cure of insulin-dependent diabetes mellitus.
The Juvenile Diabetes Cure Alliance (JDCA) profiled SymbioCellTech in its recent report on small to mid-size corporations - both public and private - that are conducting work that could directly or indirectly support a practical cure. JDCA determines which commercial entities are advancing a potential Practical Cure with screening metrics that evaluate stage of development, funding, and technology.