Elcelyx Therapeutics Gets $40M For Diabetes Treatment

San Diego-based Elcelyx Therapeutics, which is developing treatents for type 2 diabetes, said this morning that it has raised $40M in a Series E funding round. The funding came from new investor Sailing Capital, Clough Capital Partners, as well as existing investors Morgenthaler Ventures, Kleiner Perkins Caufield & Byers, Technology Partners, and GSM Fund LLC. Elcelyx is developing a product called Metformin Delayed Release (Metformin DR), which it says is aimed at around 40 percent of type 2 diabetes patients, who cannot use the current forms of metformin due to contraindications or poor tolerability to the treatment. Elcelyx is led by Alain Baron, M.D., and is in the midst of enrolling for a Phase 2b trial of its compound.