Fractyl raises $40M in series C

Diabetes company Fractyl Laboratories Inc. (Waltham, Mass.) raised $40 million in a series C round led by new investor Mithril. Existing investors General Catalyst; Bessemer Venture Partners; and Domain Associates also participated. Mithril's Ajay Royan joined Fractyl's board.

Fractyl is developing the Revita Duodenal Mucosal Resurfacing (DMR) procedure, an endoscopic method of thermal ablation of the duodenal mucosa to treat uncontrolled Type II diabetes. Last month, the company presented data from a 30-patient pilot trial showing the procedure improved HbA1c levels in a dose-dependent manner, where dose was defined as the amount of treated tissue. ...