The Neocrin Company is presently one of the leading biomedical companies involved in the research and development of a bio-artificial pancreas. This minimally invasive implantable device will be used for the treatment of insulin dependent diabetes.
Recently, Neocrin announced that it has raised $12.5 million in a self-managed private offering. The company sold approximately 2.5 million shares of stock to both existing and new investors.
In conjunction with the financing, Neocrin also announced that Dr. David W. Sharp, a world renowned islet transplant surgeon, has joined the company as executive vice president of research and medical affairs. While at Washington University, Sharp completed numerous successful human islet transplants.
“Without question, islet transplantation can be expected to demonstrate a dramatic improvement over conventional insulin therapy in helping prevent long-term complications of the disease,” claimed Sharp.