Company name: Elcelyx Therapeutics.
Industry: Pharmaceuticals.
Location: San Diego, California.
Solution/product: Lovidia is a dietary supplement that helps in weight loss; NewMet treats type 2 diabetes.
Money raised: $4 million of a $7 million extension round; filings show it has raised $20 million to date.
How it will be used: To fund clinical trials of Lovidia and NewMet.
Investors: Morganthaler Ventures, Kleiner Perkins Caufiled & Byers, Technology Partners.
Management team: Dr. Alain Baron, president and CEO; Martin Brown, chief business officer; Mark Fineman, vice president of R&D; Mark Wiggins, senior vice president, business development.
Market size: Market for antiobesity drugs to reach $3.1 billion by 2016; global type 2 diabetes therapeutics market will be $45.1 billion by 2020.
Competitors: Eli Lilly, Novo Nordisk, GSK — diabetes; Vivus, Arena Pharmaceuticals — weight loss drugs.
[Photo Credit: Freedigitalphotos.net]
By Arundhati Parmar
Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.More posts by Author
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