Zucara Therapeutics Raises $5M in Second and Final Closing of US$25M Series B Financing
Summary
Zucara Therapeutics Inc., a Toronto, Canada-based diabetes life sciences company, raised $US5m in the second and final closing of its US$25m Series B financing. In connection to the Financing, T1D Fund Managing Director, Sylvia Tobé, will join Zucara as a Board Observer. Proceeds are expected to fund the remainder of Zucara’s ongoing Phase 2a trial of the effect of ZT-01 On Nocturnal hypoglycemia Events in Type 1 diabetes (“T1D”) mellitus (“ZONE”), and the nonclinical development of a once-weekly version of ZT-01. ZT-01 is designed to prevent potentially dangerous low blood glucose by restoring the body’s ability to counterregulate hypoglycemia. In people without diabetes, α-cells secrete glucagon that signals the body to release its own glucose stores to prevent or reverse hypoglycemia.