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news.Diartis Pharmaceuticals, a newly founded biotechnology company developing therapeutics for the treatment of metabolic diseases, has received initial funding from global venture capital firm Index Ventures, US-based biopharmaceutical company Amunix and private investors.
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Diartis Pharmaceuticals also acquired the clinical-stage diabetes drug candidate VRS-859 (exenatide-XTEN) from Versartis and will use this initial funding to continue developing therapeutics for type 2 diabetes mellitus (T2DM).
A multi-center, blinded, placebo-controlled, single-ascending dose Phase 1a study is currently being carried out to evaluate the safety and ability of VRS-859 to maintain glycemic control for one month in T2DM patients after a single dose.
The results are anticipated in the second quarter of 2011, and will be followed later this year by a repeat dose (3 month) Phase 1b study comparing VRS-859 to Byetta (exenatide injection) in T2DM patients.
VRS-859 is intended as a once-monthly form of exenatide, the GLP-1 analog.
Index Ventures London based partner Kevin Johnson said there is a significant market need for a longer acting form of the GLP-1 analog exenatide considering the dramatic rise in the number of people with type 2 diabetes, and Diartis will help push this exciting compound rapidly through early clinical development.