Poxel has raised €13m ($17m) in a series B round financing to develop and confirm efficacy data of Imeglimin, a drug used to treat type 2 diabetes.
Imeglimin is a new tetrahydrotriazine-containing class of oral anti- diabetics, the Gliminsand, and is being developed through phase II trials as a monotherapy and as an add-on therapy to the main anti-diabetic agents, starting with metformin and sitagliptin.
The company is now considering to strengthen Imeglimin's efficacy profile as a monotherapy treatment in a six-month trial that involves 400 diabetic patients, following the positive data from two phase II combination trials.
Imeglimin acts on the three key defects of type 2 diabetes through mitochondrian-based mechanism.
Poxel CEO Thomas Kuhn said the substantial funding will build further value in both Imeglimin and Poxel.
"In addition to our proof of concept in mono- and in combination therapy, the financing will support us in reinforcing Imeglimin's efficacy potential to safely treat Type 2 diabetes," Kuhn added.
