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Zucara Therapeutics Receives $525,000 Cash Injection to Advance Novel Diabetes Drug Therapy
Monday, November 7, 2016Company Profile | Follow Company
Vancouver, BC, November 7, 2016--(T-Net)--Zucara Therapeutics Inc., a pre-clinical life sciences company advancing a novel long-term therapeutic approach to prevent hypoglycemia in patients with diabetes, announced it has received a $525,000 investment from Canadian partners: Accel-Rx Health Sciences Accelerator, The Centre for Drug Research and Development (CDRD) and MaRS Innovation (MI).
This unique deal brings together three organizations mandated with enabling the growth of Canada's health sciences sector. Each partner brings its respective strengths to the table: capital, specialized scientific infrastructure for drug development, and commercial expertise - to collectively advance this novel Canadian-developed technology and company, building on Canada's long history of diabetes innovation that started with discoveries made by Banting and Best almost 100 years ago.
“We are excited to build upon the momentum from our recent licensing of a set of compounds from CDRD, and now we have the resources to select and develop our lead drug candidate,” said Michael Midmer, Zucara's CEO. “This important funding provides the runway for the company to reach our next value-creating milestones, advance our program to the next level, and position us for larger rounds of investment.”
Natalie Dakers, President and CEO of Accel-Rx added, “We are delighted to be collaborating with CDRD and MI on the investment and support of Zucara as we believe their technology has the potential to bring about a paradigm shift in the management of diabetes. It is also a great example of how organizations across the country can come together to effectively nurture early-stage companies and re-invigorate our national health sciences ecosystem.”
Zucara is developing the first once-daily therapeutic to prevent hypoglycemia (low blood sugar) in patients with diabetes.
This pre-clinical technology is directed at regulating a hormone in the pancreas called somatostatin which in Type 1 diabetes is not properly controlled. It has demonstrated potential to specifically block somatostatin type 2 receptors in the pancreas thereby preventing hypoglycemia and restoring natural glucose levels in the blood.
Zucara's method offers a clear advantage to patients as a preventative measure whereas current drug therapies can only rescue a patient already experiencing potentially dangerous low blood sugar. Further validation of Zucara's lead drug candidate and in vivo studies are ongoing.
The company will be seeking Series A funding in early 2017 to take the company through clinical trials which are expected to start in 2018.
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