A Minnesota medical device company that aims to treat diabetes in a new way is raising $1.87 million, according to a regulatory filing.
MetaModix, which was founded in 2009 to treat metabolic disorders and is developing a minimally invasive approach to treat type 2 diabetes, appears to have already raised half of the money.
In February 2011, MetaModix was also raising $1.9 million and the money was going to be used to develop the product and perform some preclinical testing. At the time, MetaModix President Kedar Belhe said he hoped to be doing European clinical trials by early 2012.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Belhe said the company is “developing a cost-effective minimally invasive therapy for type 2 diabetes” that mimics “certain elements of bariatric surgery through an endoscopic procedure.” The outpatient procedure would take 30 minutes, he added.
Belhe, who worked in both the atrial fibrillation and cardiovascular divisions at St. Jude Medical, did not immediately return a phone call seeking comment about the most recent financing round.
