The company has announced an equity financing round of USD 1.6 million, bringing total pre-launch funding to $9 million.
The two times oversubscribed financing round was led by Joyance Partners, a US-based venture capital firm, and Pär Gellerfors, one of the founders of the biotechnology company BioArctic, listed on Nasdaq Stockholm.
“Sigrid Therapeutics is an extremely exciting company with an exceptional team,” says Pär Gellerfors, member of the Board of Directors. “With its forthcoming results from the STAR clinical trial, I am confident that the Sigrid team will continue to deliver on its progress towards a novel product for type 2 diabetes.”
“We focus on the emerging science of health and happiness: the two exist in a continuum, a healthier human is a happier human and vice-versa,” says Paolo Pio, Managing Director of Joyance Partners, Europe. ”Sigrid Therapeutics perfectly embodies this principle: the company’s lead product SiPore15TM safely reduces blood sugar levels, which results in less worries and happier lives for individuals at risk of developing diabetes or already afflicted by the disease. We couldn’t have found a better partner to start our journey in the Nordics.”
The lead investors will also be joined by for example Axilium Capital and Karsten Inde, the founder of one of Sweden’s largest private care services.
“I am thrilled that this financing round created such great interest among so many seasoned investors. The new funds will provide us with resources to expand on SiPore15’s clinical development plans, as we prepare for market registration in EU,” says Sana Alajmovic, CEO of Sigrid Therapeutics.
Image caption: Erik Rollman Waara (Head of Preclinical Development), Ghislaine Robert-Nicoud (Material Scientist), Sana Alajmovic (CEO and Co-founder), Tore Bengtsson (CSO and Co-founder).
Photo: Mikael Milden