Klein­er Perkins-backed El­celyx says its re­for­mu­lat­ed met­formin worked in a PhI­Ib di­a­betes study

A lit­tle over a year ago San Diego-based El­celyx Ther­a­peu­tics raised a $40 mil­lion E round to prove in a Phase IIb study that it had found a way to treat a large seg­ment of di­a­bet­ics who can’t be helped by or tol­er­ate the stan­dard treat­ment met­formin.

This morn­ing, the biotech said the gam­ble — with the mon­ey com­ing from a mix of Chi­nese and US in­vestors, in­clud­ing Klein­er Perkins — paid off with pos­i­tive da­ta.

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