Life sciences firm Fractyl Health has secured up to $100m in series F financing for the expansion of clinical development programmes in type 2 diabetes.

The financing round was led by new investors Maverick Capital, M28 Capital, and Population Health Partners, while participants include other new and existing investors.

The latest financing has allowed M28 Capital founder Marc Elia and Population Health Partners executive chairman and founder Dr Clive Meanwell to join Fractyl’s board of directors.

Fractyl co-founder and CEO Dr Harith Rajagopalan said: “We’re immensely proud of the leadership role Fractyl has established in creating innovative treatments to address the root cause of metabolic disease, with an initial focus on type 2 diabetes.

“The closing of this Series F financing, the significant experience of our new board members and our company’s renaming as Fractyl Health reflect the momentum we have built and the vast potential that lies ahead for our approach.”

Revita DMR, which is an outpatient endoscopic procedure, is said to resurface the lining of the upper intestine (duodenal mucosa).

Recently, Fractyl has secured breakthrough device designation from the US Food and Drug Administration (FDA) for Revita DMR in patients with type 2 diabetes (T2D) who are currently treated with insulin.

Revita DMR already secured CE mark approval in the European Union.

The company will use the proceeds from the financing round to begin multiple late-stage clinical studies to evaluate the potential of Revita DMR to treat and restrict the progression of metabolic disease.

Fractyl intends to establish Revita DMR as a crucial therapy in T2D in the upcoming clinical studies beside the ongoing REVITA-T2Di clinical study.

The company has studied Revita DMR in clinical trials that involved around 300 patients.