ViaCyte Snags $10.6M For Diabetes Treatments

San Diego-based ViaCyte, a developer of stem-cell based treaments for diabetes, has raised $10.6M. According to ViaCyte, the Series C-1 funding round came from existing investors Johnson & Johnson Development Corporation, Sanderling Ventures and Asset Management Company. ViaCyte's compounts are derived from stem cells, and are aimed at treating diabetes. The company's product uses pancreatic precursor cells and a proprietary medical device, to replace the need for insulin therapy for diabetics. ViaCyte said it expects it may sell additional shares in the round and announce additional closings during the rest of the year in the funding. ViaCyte is also backed by grants from the California Institute for Regenerative Medicine (CIRM), including a $10.1M award last October. More information »