Elcelyx raises $20M toward $40M series E

Elcelyx Therapeutics Inc. (San Diego, Calif.) raised $20 million in the first tranche of a $40 million series E round led by new investor Sailing Capital. New investors Clough Capital Partners also participated along with existing investors Morgenthaler Ventures; Kleiner Perkins Caufield & Byers; Technology Partners; and GSM Fund. Elcelyx expects to receive the $20 million second tranche in 2016.

Elcelyx expects data in 3Q16 from a Phase IIb trial of Metformin DR, a delayed-release formulation of metformin, to treat Type II diabetes. ...