Biotech company Glycemicon, developing novel nutraceuticals for the maintenance of normal blood sugar levels and better weight management, has raised CHF 1.8 million in the second series A round. Together with the first closing of CHF 3.25 million, the startup has finalised the Series A with a total of CHF 5.05 million.
Prediabetes is a growing condition affecting about 20% of the population in Europe, USA and Japan. Supplementing the diet with food products that can help maintain a normal blood glucose level is increasingly viewed as an important part of health management.
Glycemicon AG, a Swiss biotechnology company is developing novel nutraceutical for the maintenance of normal blood sugar levels and better weight management using new approaches, initially identified at the ETH Zurich. Its first novel food product is based on the active compound THBA, a natural substance that modifies body fat tissue to help maintain normal blood glucose levels by increasing insulin sensitivity. THBA is naturally occurring in humans and pets and is also found in some natural food product. The company has successfully started clinical development of its lead product.
Today, the startup has raised CHF 1.8 million in the second and final round of their series A financing from existing private investors. Together with the funds from first closing of CHF 3.25 million announced last year, the startup has completed its Series A round with total of CHF 5.05 million. The company is using the funds to conduct its first clinical trial in humans with prediabetes and to conduct a further clinical study in cats with elevated blood sugar.
In addition to the financing round, Glycemicon has appointed Antonino Santoro, to the Board of Directors. Santoro has more than 40 years’ experience in the food and pharmaceutical business. He started his career in the Pharmacological Institute “Mario Negri” in Milan and was later responsible for Regulatory Affairs and Business Development in Rottapharm/Madaus, playing a key role in the company´s transformation into a truly multinational organization.
Presently, he is also serving on the Board of Directors of Sifi S.p.A, an Italian ophthalmic pharma company and of several other small companies active in the food supplements area. Antonino is the Vice-President of Federsalus, the Italian Association of Food Supplements Manufacturers and Distributors. Since 2013, he is a Member of the Board of the European Federation of Health Product Manufacturer Associations (EHPM).
(Press release/ran)
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