Seraxis announces closing of second VC tranche and successful completion of preclinical studies of pancreatic organoids from Seraxis’ novel pancreas-derived stem cells

Leadership team expanded with addition of Chief Corporate Development Officer, Ted Hibben, a 25-year venture-stage business development biotherapeutic industry veteran

Total venture funding tops $50M to date

September 21, 2023

Germantown, MD, September 21, 2023 – Seraxis, Inc., a cell therapy company developing a
pancreatic organoid cure to transform the lives of patents with Type 1 and insulin-requiring
Type 2 diabetes, today announced the closing of the second tranche of its inaugural VC round to
bring total equity investment in the company to over $50 million. Frazier Life Sciences, Polaris
Partners, Eli Lilly and the JDRF T1D Fund participated in the step-up triggered by Seraxis’
achieving the completion of preclinical milestones of Seraxis’ novel pancreatic organoids, SR-02.

“Seraxis manufactures off-the-shelf pancreatic organoids from a stem cell line that was itself
derived from a human pancreatic islet”, said Seraxis CEO, Dr. William Rust. “The result is a highly
pure population of organoids that closely resembles the structure and function of native islets.
We are very proud to have accomplished this manufacturing at clinical scale, with efficient,
clinically compliant manufacturing processes, and used those organoids to complete INDenabling
pre-clinical studies.”

“The Seraxis team has demonstrated that their game-changing stem cell line is not only highly
functional pre-clinically but reproducibly manufacturable in a format suitable for clinical and,
ultimately, commercial scale”, said Dr. Jamie Topper, a Director of Seraxis and Partner at Frazier
Life Sciences. “Early animal data is very promising for a successful human implantation of these
replacement organoids and could transform the lives of patients beset by the daily management
and life-threatening complications of insulin-requiring diabetes.”
As the lead islet organoid program, SR-02, nears IND filing, the company has recruited 25-year
business development veteran Ted Hibben to lead external business and commercial iniatives
in the diabetes therapy ecosystem as Chief Corporate Development Officer. Ted has been the
business leader in the C-suite of multiple therapeutic biotechnology companies, affecting over
two dozen partnering transactions, IPOs and trade sales.

“Seraxis’ technology enables a differentiated disease-modifying therapy that promises to be
safer, more efficacious and more scalable than other curative diabetes technologies, and to
address a massive unmet medical need – over 1.5 million people in the US alone attempting to
manage Type-1-Diabetes,” said Mr. Hibben. “I look forward to mustering financial and
partnership resources to promptly advance Seraxis’ diabetes programs as well as to initiating
collaborations to derive stem cells from other organs for future replacement organoid


Seraxis is bringing transformative cures to the millions of people worldwide struggling with the
management and life-threatening complications of insulin-dependent diabetes.
Seraxis’ lead program, SR-02, is a novel, off-the-shelf pancreatic organoid therapy slated to
enter clinical testing with immunosuppressive therapy in 2024 in patients with severe recurrent
hypoglycemia. A follow-on diabetes program, SR-03, is a version of the Seraxis organoid altered
to be unrecognized by the immune system for the broader indication of insulin-dependent
patients without chronic immune suppression.
Seraxis’ underlying proprietary technology enables the creation of a pipeline of novel stem cellderived
therapies originating from single donated organs for other indications. The company’s
lead therapeutic program, SR-02, is manufactured from a stem cell line derived from a human
donor pancreas. These cells preferentially re-differentiate into organoids containing all the
endocrine cells of the native pancreatic islet, and with safety, potency, and manufacturing
advantages over embryonic and induced pluripotent stem cells.
Seraxis manufactures its best-in-class therapeutic organoids using scalable, clinically compliant
processes in its cGMP facility located in Maryland’s I-270 Biotech Corridor.

For more information, please visit
Ted Hibben, CCDO