Sept 4 Fractyl Laboratories Inc, which is
developing a therapy to treat type 2 diabetes, said it has
raised $40 million in series C funding led by investment firm
Mithril Capital Management.
Mithril Capital is a global investment firm co-founded by
Peter Thiel, the billionaire tech mogul who also co-founded
PayPal, the online payment service now owned by eBay Inc
Fractyl said on Thursday Mithril was joined in the funding
by existing investors General Catalyst, Bessemer Venture
Partners and Domain Associates.
Fractyl has developed a device-based endoscopic procedure to
directly address an intestinal hormonal impairment, which
contributes to insulin resistance.
Fractyl also said that its first procedural therapy to
directly treat the underlying digestive causes of insulin
resistance in patients with uncontrolled type 2 diabetes has
yielded positive results.
The company said the funding will be used to support
clinical evaluation of the procedure in the United States and
(Reporting by Sarah McBride in San Francisco and Arnab Sen in
Bangalore; Editing by Gopakumar Warrier)