Semma Therapeutics Inc., a company developing a stem cell-based therapy for type 1 diabetes that could reduce or eliminate some diabetics' reliance on daily insulin injections, has closed a $44 million series A led by MPM Capital. Together with a new partnership with Novartis AG, the funds are expected to carry the program through clinical proof of concept.
The round, which follows a seed financing, consists of equity financing and strategic funding. Fidelity Biosciences, Arch Venture Partners and Medtronic also participated. It's the third largest disclosed series A in biopharma so far this year.
The Cambridge, Mass.-based company is built on the work of co-founder Doug Melton, a Harvard University professor whose lab has