Stockholm-based Technology Startup Sigrid Therapeutics Developing a Breakthrough Device to Lower Blood Sugar Levels, Closes Oversubscribed Round of $1.6m, Bringing Total Pre-launch Funding to $9m
STOCKHOLM, Sept. 5, 2019 /PRNewswire/ -- Sigrid Therapeutics AB, an innovative technology company developing a new class of products to improve human health, including type 2 diabetes, today announces an equity financing round of USD 1.6M. The two times oversubscribed financing round was led by Joyance Partners, a US-based venture capital firm, and Pär Gellerfors, one of the founders of the biotechnology company BioArctic, listed on Nasdaq Stockholm.
Sigrid Therapeutics' lead product, SiPore15, is an orally-administered medical device consisting of precisely engineered micron-sized silica particles with tailored porosity designed to act locally in the gut. Upon its approval, SiPore15 will be the first and only oral product of its kind for reduction of blood sugar levels in people at risk of developing type 2 diabetes and newly diagnosed type 2 diabetics.
"Sigrid Therapeutics is an extremely exciting company with an exceptional team," says Pär Gellerfors, member of the Board of Directors. "With its forthcoming results from the STAR clinical trial, I am confident that the Sigrid team will continue to deliver on its progress towards a novel product for type 2 diabetes," continues Pär Gellerfors.
Joyance Partners, a San-Francisco based venture capital fund focusing on the emerging science of health and happiness, has recently expanded their investment horizon and presence to Europe. "Health and happiness exist in a continuum. Greater health unlocks the potential for happiness. Sigrid Therapeutics perfectly embodies this principle: the Company's lead product SiPore15™ safely reduces blood sugar levels, which results in less worries and happier lives for individuals at risk of developing diabetes or already afflicted by the disease. We couldn't have found a better partner to start our journey in the Nordics," says Paolo Pio, Managing Director of Joyance Partners, Europe.
Sigrid Therapeutics' CEO, Sana Alajmovic comments: "I am thrilled that this financing round created such great interest among so many seasoned investors. The new funds will provide us with resources to expand on SiPore15™'s clinical development plans, as we prepare for market registration in EU."
For more information, please contact:
Sana Alajmovic, Co-Founder & CEO, Sigrid Therapeutics
Phone +46 72 389 3396,
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SOURCE Sigrid Therapeutics