Zucara Therapeutics – a diabetes life sciences company developing ZT-01, which is the first once-daily therapeutic to prevent hypoglycemia (low blood glucose levels) in people with diabetes – announced that it has completed the second and final closing of its $25 million Series B funding.
The T1D Fund: A Breakthrough T1D Venture, and other new investors invested $5 million to complete the funding. As previously announced, strategic investor Sanofi and existing investor The Perceptive Xontogeny Venture Fund (PXV Fund I) invested a combined $20 million as part of the funding’s first closing.
New advisor: In connection to the funding, T1D Fund Managing Director Dr. Tobé will join Zucara as a Board Observer. Dr. Tobé is an experienced biotech industry professional with over a decade of experience in the sector. Before joining the T1D Fund, she was a Principal on the investment team at Omega Funds, where she focused on early-stage investments and company creation in various therapeutic areas. She had also previously served at publicly traded Ra Pharmaceuticals, a peptide drug discovery company, where she provided scientific leadership for multiple discovery programs within its internal pipeline and in collaboration with Merck. Dr. Tobé is a Board Director at DiogenX and a Board Observer at various biotech companies across the auto-immune and regenerative spaces.
What the funding will be used for: The proceeds are expected to fund the remainder of Zucara’s ongoing Phase 2a trial of the effect of ZT-01 On Nocturnal hypoglycemia Events in Type 1 diabetes (T1D) mellitus (ZONE) and the nonclinical development of a once-weekly version of ZT-01.
KEY QUOTES:
“We are thrilled to close our Series B financing, which will enable us to complete our Phase 2a clinical trial and the nonclinical activities to support a once-weekly version of ZT-01. As one of the largest disease-focused impact investing funds in the world, the T1D Fund focuses on funding therapies that have significant potential for clinical impact in Type 1 diabetes, so we are delighted to have their support.”
Michael Midmer, CEO of Zucara
“Our investment builds on funding that our parent organization, Breakthrough T1D, previously granted to Zucara to support the discovery and clinical development of ZT-01. Having followed Zucara for some time, we are excited to support the further advancement of this promising candidate that has the potential to address a common and potentially life-threatening complication of Type 1 diabetes.”
T1D Fund Managing Director Sylvia Tobé
