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Elcelyx Therapeutics Completes $20 Million Series C Financing

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By: Sean Moloughney

Editor, Nutraceuticals World

Elcelyx Therapeutics has secured $20 million in Series C financing to fund clinical trials of its Lovidia over-the-counter weight loss product, and NewMet for type 2 diabetes. Elcelyx has raised a total of $43 million since it was founded in 2010 and advanced its two first-in-class Gut Sensory Modulators (GSM) for the treatment of diabetes and weight loss into late-stage clinical development.

The financing was led by GSM Fund LLC, a fund dedicated to this single investment and managed by Rick Barry, who was elected to the Elcelyx board of directors.

Lovidia, a proprietary mix of Generally Recognized As Safe (GRAS)-designated dietary ingredients, is targeted to the consumer market. Lovidia can be used for multiple applications including as an over-the-counter product for weight loss and metabolic health, and as a food additive for satiety and lower glycemic index.

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