Photo: Genmedica

Photo: Genmedica

Last modified: 25/02/2014

Genmedica secures one million euros for diabetes drug

Based in Barcelona's Science Park (PCB), the board has renewed its management board bringing in Ignacio Faus as chief executive. The new drug is expected to be worth 50 million euros.

Genmedica has now closed a funding round worth one million euros in order to finance the development of its star product, a drug to treat type 2 diabetes. The operation was led by the company's own shareholders, ICF Capital, UnivestCaixa Capital Risc, Espai d'Inversions 2005, Innova31 and Venture Cap, adding to funds previously committed by the British venture capital fund Asclepios Bioesearch, which contributed € 12 million in a previous round of funding.

GMC-252 is an innovative drug consumed orally for the treatment of type 2 diabetes, which affects patients who develop a resistance to insulin. It has already passed the first phase of clinical studies, with patients showing tolerance of the drug, and the next step is to demonstrate its effectiveness in people with diabetes. Asclepios Bioesearch has valued the future drug at 50 € million.

At the same time, this Catalan biopharmaceutical company, based in the city's Parc Científic de Barcelona, has shuffled its board, incorporating representatives from ICF Capital and Caixa Capital Risc and Ignacio Faus as chief executive. Faus was a founder of Palau Pharma in 2006 and has extensive management experience in the biotechnology field.

Genmedica

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