Stealthy Elcelyx Therapeutics, Focused on Diabetes, Raises $6M

1/26/11Follow @bvbigelow

Elcelyx Therapeutics, a stealthy biotech developing new therapeutics for treating diabetes and other metabolic diseases, is emerging in San Diego, adding its name to the deep roster of local companies with expertise in fighting these related threats to public health.

Elcelyx has raised just over $6 million from investors in what appears to be the first closing of an early stage round, according to a regulatory filing yesterday. The company notes in its filing that it is contemplating a second closing within the next two months, although “the amount of securities to be sold in the second closing has not yet been determined.”

Elcelyx was founded by Alain Baron, a former senior vice president for research at San Diego-based Amylin Pharmaceuticals (NASDAQ: AMLN), according to its website. Baron had served in senior R&D roles at Amylin for nine years, leaving in 2008 to become a San Diego-based entrepreneur-in-residence with Menlo Park, CA-based Morgenthaler Ventures. Morgenthaler identifies Elcelyx as a portfolio company—along with Orexigen, (NASDAQ: OREX), another San Diego company focused on obesity and related disorders—and partner Ralph (Chris) Christofferson sits on the biotech’s board. The company offers up just a bare bones website at this point, which says little about its approach to diabetes.

We’ll be sure to poke around more to see what we can find out about this company, particularly as Luke and I get ready for our next big Xconomy event, titled “San Diego’s Fight Against Diabesity.” This event will be held tomorrow night at Amylin Pharmaceuticals, and will bring together a mix of executives and investors from all over the West Coast to talk about the challenges and opportunities in this field. You can register by clicking here. Hope to see you there tomorrow.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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