IMD Startup News: Gylcemicon going strong
Glycemicon develops novel nutraceuticals for managing prediabetes, diabetes and obesity. It announced the first closing of its Series A round, raising CHF 3.25 million from private individuals. It also advised the recent appointment of three new members to the Board of Directors: Robert Schier, Danilo Casadei Massari and Erhard Lee.
Glycemicon CEO Nadja Mrosek worked with the IMD EMBA class, as Glycemicon was a winner in the 2015 IMD Startup Competition. This included collaborating with the EMBA class whole in Silicon Valley, to develop their venture capital pitch.
Created in 1999, the IMD Startup Competition provides a unique opportunity for startups to benefit from the help and insights from participants in the MBA and the Executive MBA programs at IMD.
Glycemicon will use the funds to conduct its first clinical trial in humans with prediabetes, and a second veterinary clinical trial in overweight cats. Its first nutraceutical product is based on the active compound THBA, a natural substance that modifies body fat tissue, making it more efficient in decreasing elevated blood sugar levels, a hallmark of type 2 diabetes. THBA is naturally occurring in humans and pets and is also found in small quantities in certain natural food products.
Around half a million people in Switzerland alone suffer from diabetes. The costs for treating the various manifestations of the disease amount to approximately five percent of the total health care costs in this country. And diabetes is on the rise. Glycemicon is seeking to stop this development in its tracks with a substance that restores the impaired capacity of the fat cells in a diabetic patient’s body to respond to insulin.
Glycemicon is ranked 20th in the 2016 TOP100 Swiss Startup list.
Find out more about the IMD startup competition.