A SPIN-out company from the Universities of Glasgow and Southern Denmark that is developing novel therapeutics for T2 diabetes has raised £4.45 million of funding, writes Ian McConnell.

The investment in Caldan Therapeutics has been led by Epidarex Capital, a venture capital fund focused on early-stage life sciences companies. US pharmaceuticals giant Eli Lilly and Company is one of the limited partners in the fund.

The taxpayer-backed Scottish Investment Bank, part of Scottish Enterprise, also invested in Caldan in the funding round.

Caldan, which has arisen from a long-term collaboration between Professor Trond Ulven at the University of Southern Denmark and Professor Graeme Milligan of the University of Glasgow, is focused on the development of therapeutics targeting free fatty acid receptors for T2 diabetes and other potential indications.

Professor Ulven said: “Combined, we believe our approach towards these receptors could do what T2D patients need. We have built up insight into these receptors over the last few years, and are equipped to potentially generate safe and efficacious compounds with the right properties.”