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Fundraising: Weight loss and diabetes treatment firm raises $4M of $7M extension of series B round

Elcelyx Pharmaeceuticals, which is developing weight loss and Type 2 diabetes treatment drugs has raised $4 million of a $7 million Series B extension round.

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]

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