Closely held Zucara Therapeutics closed a $21-million Series A financing led by the Perceptive Xontogeny Venture (PXV) Fund.
Proceeds will be used for Phase 1 and Phase 2 clinical trials of ZT-01, Zucara’s first-in-class drug candidate designed to prevent hypoglycemia in Type 1 diabetes, a frequent, unintended consequence of insulin therapy for people with insulin-dependent diabetes. Zucara plans to initiate a Phase 1 clinical trial of ZT-01 in mid-2020.
ZT-01 has the potential to restore the body’s ability to recover from hypoglycemia, which could improve disease management and prevent dangerous hypoglycemic episodes, potentially reducing long-term complications. There are currently no available therapeutics to prevent the condition.
In a statement, Chris Garabedian, CEO of Xontogeny and manager of PXV Fund for Perceptive Advisors, said that since only “rescue therapies,” such as emergency glucagon, are currently available for those experiencing hypoglycemia, “we believe ZT-01 could greatly benefit patients by preventing this dangerous and potentially fatal condition.”
Zucara was co-founded by Toronto Innovation Acceleration Partners and adMare BioInnovations based on foundational intellectual property from the University of Toronto.
