Fractyl Laboratories Inc., a Waltham company working on a medical procedure to help diabetics, has raised $17 million after a small study of its procedure showed promise.
Fractyl’s procedure is currently in clinical trials in Europe and South America, but the group presented data on a 39-patient proof-of-concept study in September that showed a statistically significant reduction in a diabetes indicator, and some weight loss, six months after treatment. The procedure, called Revita DMR, is meant for for patients with poorly controled type 2 diabetes.
The procedure involves inserting a camera cable into a patient’s mouth, through his or her stomach, and into first part of the small intestine, according to its clinical trial website. There, a heated balloon at the end of a catheter is pressed against the wall of the intestine, which modifies cells that absorb glucose and emit glucose-controling hormones, the company says.
Deerfield Management Co. LP and other investors chipped in more to the company’s series C round, boosting the total raised to $57 million, the company said Wednesday. That comes on top of the $40 million the company raised last year from investors including Mithril Capital Management, Bessemer Venture Partners, and Domain Associates.
“We will use these funds to accelerate our clinical development as we expedite our path to market,” Dr. Harith Rajagopalan, Fractyl’s chief executive, said in a statement. “To this end, we have already treated 28 patients in our first international multicenter clinical trial and remain on track to begin randomized studies next year.”
The company has 50 employees, mostly in Waltham, and has raised $77 million since its 2011 founding, a spokesman said.