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A London life sciences business scored a “milestone” $23-million investment after its new diabetes treatment proved effective in recent human trials.
Sernova Corp., based at Western University’s research park on Collip Circle, is for the first time getting funding from institutional investors for its cell pouch technology that aims to one day ensure diabetics no longer need insulin injections.
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“This is incredible for a company in London, Ontario, focused on treatment of Type 1 diabetes,” chief executive Philip Toleikis said.
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A tiny London, Ont., medical device company hoping to change how diabetes is treated has had a wild ride of late. Last Friday, stock in Sernova Corp. shot up 65 per cent on the TSX Venture Exchange, then nearly doubled on Monday, closing at $2.42 a share. At its peak, Sernova had a market capitalization of $630-million, making it one of Canada’s 15 most valuable publicly traded life sciences companies.